Unless you happen to be using an iPhone or iPad, chances are that the phone you’re using at the moment is powered by Qualcomm’s hardware. The company’s Snapdragon series of chipsets has been the dominant platform when it comes to powering smartphones, ranging from low-end devices all the to top-of-the-line flagships.
Recently, the company published its Q3 2022 financial results and it appears that despite a “challenging macroeconomic environment”, such as inflation which is hitting pretty much everyone around the world right now, the company seems to be doing quite well. Based on its report, the company reported revenue of $10.93 billion, which is slightly higher than the $10.88 billion that was expected.
This represents an increase of 37% year-over-year, and it appears that despite the challenges faced in the economy today, Qualcomm’s handset business actually grew by 59% on an annual basis to $6.15 billion. The company is expecting things to slow down a tad during the fourth quarter due to a possible decrease in the demand for smartphones.
Despite that, the company believes that they are still progressing at a pace that would allow their business to grow by slightly under 50%, thanks to the company’s more expensive and higher-end chipsets.
While Qualcomm might be known primarily for their smartphone chipsets, the company also has other offerings, such as tech used in the automotive market which grew by 38% on an annual basis to $350 million. While this represents an all-time high, it still pales in comparison to what the company’s mobile chipsets are bringing in in terms of revenue.
Qualcomm also licenses out its tech to other companies (such as Apple), and this managed to rake in $1.52 billion in sales, but it only represents an annual rise of about 2%, which we suppose is still better than nothing. If anything, it’s an indicator that this particular area of business is remaining steady.