By Sean Kinney, Editor in Chief
Qualcomm revenues are up across the company’s handset, RF front-end, IoT and automotive businesses based on Q3 earnings released this week as the firm executives on its strategy expand total addressable market to US$700 billion in the coming years. And, in what CEO Cristiano Amon characterized as indicative of Qualcomm’s “tremendous ongoing value of our patent portfolio,” the San Diego-based company extended its patent licensing agreement with handset maker Samsung through the end of 2030.
“This validates that Snapdragon is the technology platform of choice for premium Android experiences,” Amon said on an earnings call this week…So we’re very excited about that. It provides incredible stability for our mobile business. I cannot think of anything better to validate our strategy to be focused on share of wallet in premium and high-tier than this agreement.”
By the number, for the third quarter of 2022, Qualcomm reported handset revenues of US$6.2 billion up 59 per cent from the same quarter last year; RF front-end revenues were US$1.1 billion up 9 per cent compared to the third quarter of 2021; automotive revenues of USS$350 million up 38 per cent compared to the same quarter in 2021; and IoT revenues of US$1.8 billion up 31 per cent from the year-ago period.
“As we continue to scale our one technology roadmap across new industries and applications,” Amon said, “we are transforming Qualcomm from a communications company for the mobile industry into a connected processor company for the intelligent edge.”
The CEO called our “record revenues in IoT and automotive, demonstrating the success of our diversification strategy.” He said the company’s automotive design win pipeline is more than US$19 billion. IoT growth is being driven by tablets, extended reality (XR) devices, PCs and other consumer devices.
“We believe the industry trends that are driving demand for our technologies remain unchanged and continue to validate our strategy, positioning us well for the long term. We’re still on track to expand our addressable market by more than seven times to approximately US$700 billion in the next decade.”
