Qualcomm announced its Q 2 2021 earnings after the closing bell, blowing away analysts' expectations for the chip maker with revenue rising 52% year-over-year.
Here are the most important numbers in the report compared with what Wall Street was expecting from.
It was a very strong quarter, said former Qualcomm CEO Steve Mollenkopf of Yahoo Finance.You are seeing a stronger market through our licensing revenues; you're also seeing a stronger mix in product business.
Qualcomm's various segments, handsets; RF front-end; Automotive and IoT Internet of Things have each seen double-digit growth year-over-year.Especially in the IoT business, it saw its second consecutive quarter of more than $ $1 billion in revenue and 71% year-over-year growth.
In its handset business, Qualcomm forecasts it will see 450 million to 550 million mobile phones shipped in 2021.
Of course, the increasing global semiconductor shortage is found over the broader economy.The current CEO and incoming president of Qualcomm Cristiano Amon told Yahoo Finance that the company has taken active steps to mitigate the worst of the shortage.
We have been very active in space planning and putting actions in place to increase capacity within our supply chain, we have multi-sourcing, making use of products, making use of the supply that's available, and for the end of this calendar year we have line of sight to material improvements in supply across many products, Amon explained.
However, At the moment, the need for chips continues to drive available units, though Amon sees this as a positive for Qualcomm.
Despite the semiconductor crisis, Qualcomm said Amon was able to service its existing stock of chips to service its high price products and customers.
I see this in the results with a very favorable product mix for Qualcomm both in what we have currently and how we think about the quarter coming up, he added.
Amon's comments run contrary to Intel CEO Pat Gelsinger's own statements concerning the chip shortage, which he said could last until 2022.
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