Qualcomm earnings surge thanks in part to iPhone demand

French authorities have approved an Apple software update for the iPhone 12, reports Reuters. 

Thanks to the inclusion of its chips in the iPhone 12 line-up and the global rollout of 5G, Qualcomm saw its quarterly sales rose 62% from the year-ago period to $8.24 billion. Net income for the first quarter of the company’s financial year more than doubled to $2.46 billion.

The mobile phone chip maker narrowly missed Wall Street’s sales expectations of US$8.27 billion. However, it beat the bottom line protection of net income of $2.09 billion, according to analysts surveyed by FactSe.

Of course, the long-term future of Qualcomm may be a little hard to forecast. Apple is almost certainly developing its own 5G modems for upcoming smartphones. However, Qualcomm believes it will benefit from the changing smartphone market.

Dennis Sellers
the authorDennis Sellers
Dennis Sellers is the editor/publisher of Apple World Today. He’s been an “Apple journalist” since 1995 (starting with the first big Apple news site, MacCentral). He loves to read, run, play sports, and watch movies.