Qualcomm earnings beat estimates as smartphone chip sales suggest recovery
Publishing timestamp: 2024-01-31 17:53:32
Summary
Qualcomm reported better-than-expected earnings and revenue for the fiscal first quarter. The company saw a 16% increase in sales of handset chips, which is a positive sign for the smartphone market. Qualcomm is expanding its chip technology to other markets such as PCs, cars, and virtual reality headsets. The company expects global handset sales to be flat year over year and has secured a deal with Samsung for its high-end Galaxy phones. Qualcomm's Internet of Things business saw a decline in sales, but its automotive business reported a 31% increase in sales. The company's licensing business reported a slight decline in revenue. Apple has agreed to extend its patent licensing agreement with Qualcomm.
Sentiment: POSITIVE
Keywords: business, meta platforms inc, earnings, technology, breaking news: technology, business news, apple inc, mobile, qualcomm inc,
Source: https://www.cnbc.com/2024/01/31/qualcomm-qcom-earnings-report-q1-2024.html