Consumers Want Better Phones, Growth Expected Despite Economic Slowdown, Says Qualcomm CEO

Qualcomm CEO Cristiano Amon sees development for the chip provider as shoppers more and more need “higher telephones,” he mentioned in an interview on Wednesday on the World Economic Forum, at the same time as discuss an financial slowdown dominates the occasion within the Swiss ski city of Davos.

“Qualcomm has redefined its cell technique to be targeted on premium and high-tier, and we’re profitable share in a flat market,” Amon mentioned. “For instance, with gadgets such because the Samsung Galaxy, we had a 40 % share and now we’ve got in extra of 75 %.”

Amon mentioned the marketplace for smartphones is “mature,” limiting development. Risks to the worldwide economic system have topped the considerations of the world’s enterprise leaders, coverage makers and lecturers on the annual Davos gathering, with some citing the specter of a worldwide recession.

Amon mentioned that all through the COVID-19 pandemic, the usefulness of smartphones continued to extend, with higher reliance for Zoom conferences at work and faculty and for staying in contact with household.

“People need to have higher telephones, with extra capabilities” Amon mentioned. “Those are issues that will hold the cell market secure even within the face of inflation and with the chance of a slowdown.”

In April, Qualcomm forecast third-quarter income above analyst expectations.

Qualcomm’s know-how powers augmented and digital actuality gadgets, together with these made by Facebook proprietor Meta Platforms, Amon mentioned, including that Qualcomm’s relationship with Facebook is “increasing.”

“Augmented actuality may very well be as massive as telephones,” he mentioned.

Qualcomm already has partnerships with Microsoft and TikTok for digital and augmented actuality gadgets, and there are extra set to be introduced, Amon mentioned.

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