The company narrowly beat analyst expectations with $10.93 billion in revenue for the quarter.
Demand for 5G phones continues to rise as the company continues to beat expectations. Despite the ongoing shortage of chips, this is still happening.
While revenue from the phone business grew, the company seemed wary of economic pressures on the phone business. The business got a boost from the automotive and internet of things segments. The company has a partnership with SAMSUNG to power its devices for the next 15 years.
The president and CEO of the company said that they were pleased to report strong quarterly results. We are excited to announce the extension of our patent license agreement with SAMSUNG and the expansion of our strategic partnership to deliver premium consumer experiences for their products.
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"Qualcomm is well positioned to be the company that brings advanced data processing and intelligence to the edge, enabling cloud edge convergence."
It's not clear what this partnership will mean, but the rumor mill is saying that it will power all of the S23 models, even in regions where the in-house Exynos is used.
More Android phones are expected to arrive with the latest version of the Snapdragon 8+ Gen 1 in the coming weeks. The CFO of the company expects lower demand for sub-flagship tiers in the future.
The next generation of Wear OS watches will be powered by the company's new W5+ Gen 1 chip.
Fiscal Q4 revenue is expected to be in the range of $11 billion and $11.8 billion. Many companies in the industry are reporting lower-than- expected revenue and missing estimates, with the company's mostly positive earnings contrast.
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