Qualcomm highlights China sales jump as it beats estimates, in latest signal of smartphone market rebound
- The world’s largest seller of smartphone chips has given an upbeat revenue forecast for the current quarter
- The company’s sales to Chinese smartphone makers jumped 35 per cent from the June quarter to September quarter
The San Diego, California-based firm on Wednesday reported sales of US$8.63 billion for the financial fourth quarter, down 24 per cent from last year and slightly above consensus estimates compiled by Bloomberg. For the full financial year, revenue dropped 19 per cent from the year prior.
Global smartphone manufacturers had sold most of their existing stock and were starting to ramp up fresh orders, Qualcomm CEO Cristiano Amon said in a post-earnings call, adding that the firm saw an estimated 35 per cent jump in sales to Chinese smartphone makers between the June and September quarters.
Qualcomm is one of the largest global suppliers of software and semiconductors used in wireless telecommunications products. China made up over 60 per cent of the company’s sales in the most recent financial year.
The firm is predicting a current-quarter revenue of between US$9.1 billion to US$9.9 billion, with the midpoint above expectations of analysts polled by Bloomberg.
