Consumers Want Better Phones, Growth Expected Despite Economic Slowdown, Says Qualcomm CEO

Qualcomm CEO Cristiano Amon sees progress for the chip provider as customers more and more need “higher telephones,” he stated in an interview on Wednesday on the World Financial Discussion board, at the same time as discuss an financial slowdown dominates the occasion within the Swiss ski city of Davos.

“Qualcomm has redefined its cellular technique to be centered on premium and high-tier, and we’re profitable share in a flat market,” Amon stated. “For instance, with gadgets such because the Samsung Galaxy, we had a 40 p.c share and now we have now in extra of 75 p.c.”

Amon stated the marketplace for smartphones is “mature,” limiting progress. Dangers to the worldwide financial system have topped the considerations of the world’s enterprise leaders, coverage makers and lecturers on the annual Davos gathering, with some sitting the specter of a worldwide recession.

Amon stated that all through the COVID-19 pandemic, the usefulness of smartphones continued to extend, with better reliance for Zoom conferences at work and college and for staying in contact with household.

“Folks wish to have higher telephones, with extra capabilities” Amon stated. “These are issues that will maintain the cellular market secure even within the face of inflation and with the danger of a slowdown.”

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

Qualcomm’s know-how powers augmented and digital actuality gadgets, together with these made by Fb proprietor Meta Platforms, Amon stated, including that Qualcomm’s relationship with Fb is “increasing.”

“Augmented actuality may very well be as huge as telephones,” he stated.

Qualcomm already has partnerships with Microsoft and TikTok for digital and augmented actuality gadgets, and there are extra set to be introduced, Amon stated.

© Thomson Reuters 2022

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