Earnings of Qualcomm, the world’s largest semiconductor chip design and supplier for Smartphones, increased significantly in the second quarter.
Qualcomm announced its second quarter earnings on the 28th (local time), economic media CNBC reported.
General Accounting Standards (GAAP) overall sales rose 65 percent year-on-year to $8.06 billion, surpassing Wall Street estimates of $7.58 billion.
Net profit rose 140 percent to $2.027 billion.
By business sector, sales of semiconductor chips increased by 70%, and sales of ‘RF Front End’ chips, a key component of 5G mobile devices, increased by 114%.
Sales of technology licenses such as Internet of Things (IoT) (83%↑) and 5G patents also increased (43%↑).
Qualcomm also said that it expects sales of chips for 5G mobile phones, including Apple’s iPhone, to increase, and that the shortage of global chips has eased.
In a conference call, CEO Cristiano Amon said, “We are making progress in increasing chip supply in cooperation with a number of chip manufacturing partners,” adding, “We shipped significant supplies in April and June and will supply larger chips in the coming months.”
Qualcomm closed the day at $142.44, up 1.07% on the New York stock market, and posted a 2-3% increase in overtime trading after its earnings were announced.
