Qualcomm continues to rise thanks to 5G sales, despite global chip shortage
Qualcomm has high hopes for 2021.
What you need to know
Qualcomm reported a 52% year-over-year increase in revenue in its recent quarterly earnings.
The company has expressed a positive outlook on the state of the global chip shortage later this year.
Qualcomm partially attributed its endurance in the chip shortage to a “reduction on orders from an OEM.”
Qualcomm announced its quarterly financial earnings on Wednesday, beating analyst expectations with $7.93 billion in revenue, a 52% increase when compared to the same quarter last year. That’s despite not only a global pandemic but also a global semiconductor shortage that has affected several different industries, not to mention the availability of devices like the PS5. Outgoing CEO, Steve Mollenkopf, attributed Qualcomm’s strong growth to its strong position in the market:
Demonstrating the strength of our strategy and our success in execution, we delivered another quarter of year-over-year growth driven by sustained dema…