Luckily for Qualcomm, it’s a profitable year as it was able to collect $5.21 billion in revenue. And its earnings-per-share was $0.88. Qualcomm was able to make more profit than what Wall Street had previously expected.
However, Qualcomm believes that there will be a fall in terms of phone shipment in the coming quarter.
As COVID-19 continues to threaten not only the lives of people but also the economy of the entire world, companies have started predicting and preparing for the worst.
And Qualcomm predicts that there might be at least a 30% drop in phone shipment in the coming quarter.
The company was still able to beat its $5.02 billion predictions. However, its net income dropped 29% year-over-year to just $468 million.
There might be a drop in demand for new devices, but Qualcomm is still positive about its prediction of 5G devices. The smartphone world has gradually shifted to 5G, and Qualcomm is the biggest wireless chip provider in the world.
And this year, the company expects to see at least 175 million to 225 million 5G devices shipments.
According to Qualcomm’s CEO Steve Mollenkopf, “5G is progressing as planned.”