Qualcomm reports $1.22 billion net income revenue growth in Q3 of 2018

Qualcomm reports $1.22 billion net income revenue growth in Q3 of 2018

Qualcomm Inc reported a 4.2 percent rise in quarterly revenue on 25 July, helped by demand for its latest Snapdragon chipset from smartphone customers including Samsung Electronics Co Ltd and Xiaomi Corp.

A building on the Qualcomm campus. Image: Reuters

A building on the Qualcomm campus. Image: Reuters

Revenue rose to $5.60 billion in the quarter ended 24 June from $5.37 billion a year earlier. Net income attributable to Qualcomm rose to $1.22 billion or 82 cents per share, from $866 million, or 58 cents per share a year earlier.

Samsung recently took the crown for having the maximum market share of 29 percent in Q2 of 2018, while the Apple had a mere one percent market share. Xiaomi on the other hand which reportedly contributed to Qualcomm’s revenue growth had a close 28 percent market share.

According to a CNET report, the San Diego-based chipset maker recently announced during its earnings calls with analysts that it would sever ties with Apple and will not supply modems to upcoming iPhones. It is speculated that Intel will be the supplier to Apple’s upcoming iPhone models.

With inputs from Reuters

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