US chip manufacturer Qualcomm has posted a robust set of financials for the last quarter, as demand for 5G chipsets buoyed the company’s performance.
Revenues for the quarter surged by 5 per cent to $5.2 billion, with the US manufacturer saying that it was confident that it would hit its targets next quarter, despite the unprecedented market disruption caused by the Coronavirus pandemic.
“We executed extremely well in the second fiscal quarter, with strong Non-GAAP results in line with our guidance, demonstrating the strength of our business model and the resilience of our team to respond quickly to the unique challenges presented by the global pandemic,” Steve Mollenkopf, CEO of Qualcomm Incorporated said in a statement to the press.
Analysts suggest that demand for 5G handsets will rise exponentially as mobile network operators build out the reach of their fledgling 5G mobile networks in 2021 and beyond.
Having settled a series of cash sapping law suits with Apple last year, Qualcomm remains a key supplier to the California based tech giant. The launch of a 5G compatible iPhone later this year will undoubtedly help Qualcomm boost its sales in the coming months.