Qualcomm chip sales surge thanks to Chinese smartphone makers, but Apple’s shift looms
Launches of new flagship phones from Chinese Android brands such as Xiaomi, Oppo and Vivo have helped lift Qualcomm’s forecast
The company’s shares rose 5.5 per cent in extended trading. They had surged 12 per cent right after it reported results after the company also flagged a new $15 billion stock buy-back.
The San Diego, California-based company is the biggest supplier of smartphone chips and is benefiting from a recovery in smartphone markets as consumers upgrade devices for artificial intelligence applications such as chatbots and image generators.
Qualcomm derived 46 per cent of its revenue in its most recent financial year from customers with headquarters in China.
Trump has floated second-term plans for blanket tariffs of 10 per cent to 20 per cent on virtually all imports as well as tariffs of 60 per cent or more on goods from China, in a bid to boost US manufacturing.