And revenue in the current quarter will decrease by another 18.5%.
Qualcomm’s quarterly reports speak about the crisis in the smartphone market no less eloquently than Apple’s not very rosy reports. In the last quarter, Qualcomm cut revenue by 12% to $9.46 billion, and direct shipments of chips for smartphones brought it 18% less than a year earlier – only $5.75 billion. Technology licensing revenue decreased by 16% to $1.52 billion, but at the same time, the company hopes to maintain the ability to supply a number of components to the Chinese giant Huawei Technologies, since export licenses for them are still valid, and the US authorities do not believe that a specific range of components can threaten the national security of the country.
Image Source: Reuters
Work is underway to expand Qualcomm chips in the PC segment, both in the consumer and commercial sectors. In the automotive division, Qualcomm managed to increase revenue by 58% to $456 million, at the same time it decided to invest in Renault’s business of producing electric vehicles and developing software for them.
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In the current quarter, Qualcomm expects to gain from $8.7 to $9.5 billion, somewhat disappointing analysts. Demand for smartphones has dipped both in the lower and middle price ranges. Overstocking of warehouses will remain at least until the middle of this year, according to the head of the company Cristiano Amon (Cristiano Amon). At the same time, Qualcomm will be forced to cut costs and optimize business processes.
