Modem maker Qualcomm stated that its sales increased by 62 percent on an annual basis due to the demand for the 5G chipset in the iPhone 12 series. The high sales volume Apple achieved from the iPhone 12 series also made the modem chip manufacturer Qualcomm smile.
Qualcomm sold $ 8.24 billion
Qualcomm, the manufacturer of wireless telecommunication products and services, reached a sales figure of $ 8.24 billion with a 62 percent increase in sales in 2020.
According to the Wall Street Journal, the company’s net income for the quarter was $ 2.46 billion as a result of the company’s increase in the last quarter. These figures exceeded analysts’ expectations of $ 2.09 billion. However, analysts predicted that total sales would be slightly more than $ 8.27 billion.
In addition, Apple is reported to be developing its own 5G modems for the next iPhone. But Qualcomm says it believes it will benefit from the changing smartphone market.
Finally, after this success, Qualcomm’s Chief Executive Officer Steve Mollenkopf summarizes the issue as follows;
“Huawei losing so many shares provides a great opportunity for us to grow. The addressable market has grown, so as we get the supply and can go after it, this will start to be a bit of a headwind for us. Demand is far above supply right now, something that will normalize in the next few quarters. ”