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    QCOM   US7475251036

QUALCOMM, INC.

(QCOM)
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Delayed Nasdaq  -  04:00 2022-07-01 pm EDT
123.53 USD   -3.30%
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Qualcomm CEO sees growth in high-end phones even if economy slows

05/25/2022 | 01:33pm EDT

DAVOS, Switzerland, May 25 (Reuters) - Qualcomm Inc CEO Cristiano Amon sees growth for the chip supplier as consumers increasingly want "better phones," he said in an interview on Wednesday at the World Economic Forum, even as talk about an economic slowdown dominates the event in the Swiss ski town of Davos.

"Qualcomm has redefined its mobile strategy to be focused on premium and high-tier, and we’re winning share in a flat market," Amon said. "For example, with devices such as the Samsung Galaxy, we had a 40% share and now we have in excess of 75%."

Amon said the market for smartphones is "mature," limiting growth. Risks to the global economy have topped the concerns of the world's business leaders, policy makers and academics at the annual Davos gathering, with some citing the threat of a worldwide recession.

Amon said that throughout the COVID-19 pandemic, the usefulness of smartphones continued to increase, with greater reliance for Zoom meetings at work and school and for staying in touch with family.

"People are looking to have better phones, with more capabilities" Amon said. "Those are things that may keep the mobile market stable even in the face of inflation and with the risk of a slowdown."

In April, Qualcomm forecast third-quarter revenue above analyst expectations.

Qualcomm's technology powers augmented and virtual reality devices, including those made by Facebook owner Meta Platforms , Amon said, adding that Qualcomm's relationship with Facebook is "expanding."

"Augmented reality could be as big as phones," he said.

Qualcomm already has partnerships with Microsoft Inc and TikTok for virtual and augmented reality devices, and there are more set to be announced, Amon said. (Reporting by Jessica DiNapoli in Davos, Switzerland; Editing by Leslie Adler)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
META PLATFORMS, INC. -0.76% 160.03 Delayed Quote.-52.42%
MICROSOFT CORPORATION 1.07% 259.58 Delayed Quote.-22.82%
QUALCOMM, INC. -3.30% 123.53 Delayed Quote.-32.45%
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Analyst Recommendations on QUALCOMM, INC.
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Financials (USD)
Sales 2022 44 529 M - -
Net income 2022 12 408 M - -
Net cash 2022 1 382 M - -
P/E ratio 2022 11,3x
Yield 2022 2,27%
Capitalization 138 B 138 B -
EV / Sales 2022 3,08x
EV / Sales 2023 2,71x
Nbr of Employees 45 000
Free-Float 99,9%
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Technical analysis trends QUALCOMM, INC.
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Mean consensus BUY
Number of Analysts 33
Last Close Price 123,53 $
Average target price 195,20 $
Spread / Average Target 58,0%
EPS Revisions
Managers and Directors
Cristiano R. Amon President, Chief Executive Officer & Director
Akash Palkhiwala Chief Financial Officer & Executive Vice President
Mark D. McLaughlin Chairman
James H. Thompson Executive Vice President-Engineering
Clark T. Randt Independent Director
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