What you need to know
- Qualcomm released its fiscal Q2 2022 financial earnings on Wednesday.
- The company reported another record quarter with more than $11 billion in revenue.
- Qualcomm attributed its growth to the increased demand and more prominent Snapdragon presence in the Galaxy S22 series.
Qualcomm continues to prove that its strategy is working as the company announces another record quarter on Wednesday. The chipmaker's fiscal Q2 2022 shows a revenue of $11.2 billion, which likely had some help from Samsung and the Galaxy S22 series.
Compared to the same period last year, Qualcomm's revenue grew 41% while also topping the previous quarter's record of $10.7 billion.
"We are pleased to announce another quarter of record revenues, reflecting the successful execution of our growth and diversification strategy and strong demand for our wireless and high-performance, low-power processor technologies across multiple industries,” Qualcomm CEO Cristiano Amon said in a statement. "We are well positioned to meet our long-term targets and enable the connected intelligent edge."
The majority of Qualcomm's revenue comes from its more lucrative QCT business, which focuses on handsets. This division brought in more than $9 billion during the quarter. During the earnings call, Amon noted how Qualcomm managed to secure "approximately 75% of the premium tier processor volume" for the Galaxy S22 series, a significant increase from the roughly 40% volume with the Galaxy S21. He also highlighted how its chips continue to power more of the best Android phones from Honor, Vivo, Xiaomi, and more.
Recent estimates show that 5G could take over 4G by 2024, and Amon notes that there are still plenty of opportunities as markets transition to the newer network. However, he also stresses that Qualcomm is shifting from a communications company to a "connected processor company for the intelligent edge," with the chipmaker having come presence in various markets from mobile, PC, automotive, IoT, and more.
Qualcomm will hold its upcoming 5G Summit event on May 9, where the company is expected to talk more about what's coming next.
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