Home » Qualcomm CEO sees growth in high-end phones even if economy slows

Qualcomm CEO sees growth in high-end phones even if economy slows

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Cristiano Amon, Chief Executive Officer and President of Qualcomm, will speak at GSMA’s 2022 Mobile World Congress (MWC) Keynote Speech on March 1, 2022 in Barcelona, ​​Spain. REUTERS / AlbertGea / Files

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Davos, Switzerland, May 25 (Reuters)-Qualcomm Inc (QCOM.O) CEO Cristiano Amon expects chip suppliers to grow as consumers increasingly want a “better phone,” he said in an interview at the World Economic Forum on Wednesday.

“Qualcomm has redefined its mobile strategy to focus on premium and high tier, gaining market share in the flat market,” said Amon. “For example, devices such as Samsung Galaxy had a 40% share, but now it’s over 75%.”

Amon said the smartphone market is “mature” and limiting growth. Risks to the global economy, some citing the threat of a global recession, outweigh the concerns of global business leaders, policy makers and scholars at the annual Davos rally.read more

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During the COVID-19 pandemic, smartphones continued to grow in usefulness and became more reliant on maintaining zoom meetings and family contact at work and school.

“People want better phones with more features,” Amon said. “These have the potential to stabilize the mobile market, even in the face of inflation and the risk of a slowdown.”

In April, Qualcomm forecasts third-quarter earnings to exceed analysts’ expectations.read more

Qualcomm’s technology enhances augmented reality and virtual reality devices, including those created by Facebook owner MetaPlatforms (FB.O)Amon added that the relationship between Qualcomm and Facebook is “expanding.”

“Augmented reality may be as big as a phone,” he said.

Qualcomm already has a partnership with Microsoft Inc (MSFT.O) TikTok is for virtual and augmented reality devices and will be announced further, Amon said.

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Report by Jessica Dinapoli in Davos, Switzerland.Edited by Leslie Adler

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