Qualcomm revenue falls as handset sales slow - Mobile World Live

Qualcomm revenue falls as handset sales slow

03 FEB 2023

Qualcomm president and CEO Cristiano Amon (pictured) warned declines in revenue from devices would continue, as the company revealed a drop in earnings during its fiscal Q1 2023 (the period to 25 December 2022).

On an earnings call, Amon noted Qualcomm was implementing further spending reductions and streamlining operations due to macroeconomic factors and an overall weakening in demand.

“As the handset industry continues to experience reduced demand we are now expecting elevated channel inventory levels to persist at least to the first half of calendar 2023,” he stated.

Amon added the same trends are evident in the IoT sector, though also noted this field was poised to become the company’s largest addressable market.

The CEO highlighted Samsung’s decision to use Qualcomm’s Snapdragon 8 Gen 2 chipset in its newest Galaxy 23 smartphones. He also stated the company would see significant momentum in India for its fixed wireless access portfolio.

Amon claimed the company’s strategy was working and it remained focused on expanding its addressable market to approximately $700 billion over the next decade.

Net income fell 34 per cent year-on-year to $2.2 billion on revenue of $9.5 billion, down 12 per cent.

Revenue at its QCT segment, which includes chips for smartphones, automotive and IoT devices along with RF front-end components, decreased 11 per cent to $7.9 billion. Within this, mobile handset sales of $5.8 billion were down 18 per cent and IoT revenue grew 7 per cent to $1.6 billion.

QTL revenue of $1.5 billion was down 16 per cent.



Mike Robuck

Mike Robuck is the U.S. Editor at Mobile World Live. He joined the Mobile World Live staff in February of 2022. Prior to joining GSMA, he was editor of FierceTelecom and of Light Reading’s Telco Transformation microsite. He has a...

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