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 were 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)