Qualcomm earnings surge thanks in part to iPhone demand

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.