Qualcomm seems to have begun to pay off heavy 5G investments. The San Diego-based company shared its financial report for the three-month period and full fiscal year ending September 27. The company was able to increase its profits and sales revenues both on a quarterly and annual basis.
Qualcomm did not give information about the reasons that led to this picture. However, according to Reuters, Apple’s first iPhones with 5G support had a doping effect on Qualcomm’s financial statements.
Qualcomm’s chip unit surpassed the $ 4.59 billion revenue forecast and generated $ 4.97 billion in revenue. Steve Mollenkopf, CEO of the company, stated that the new partnerships do not have much effect on the balance sheets and that most of the revenue comes from existing partnerships.
Qualcomm announced that it shipped 162 million chips that provided cable connection support in the past quarter.
According to analysts, the company could announce revenue of $ 5.71 billion in the coming quarters. Qualcomm sets the bar between $ 6.2 and $ 6.8 billion. Qualcomm expects 175 to 225 million 5G device shipments will be made in 2020. In 2021, this number is expected to increase to 500 million.