Qualcomm Beats Expectations of Analysts for Earnings and Revenue, Sales Up by 30%

Qualcomm reported its first-quarter earnings on Wednesday. It crossed expectations of analysts for revenue and earnings, and presented a strong outlook for second quarter.

Qualcomm reported its earnings exactly at the same time as Meta.

Qualcomm said it anticipated sales between $10.2 billion and $11 billion in the upcoming quarter, ahead of analyst expectations of $9.6 billion.

QCT, Qualcomm’s chip business grew 35% up in sales from the same quarter previous year. The growth was driven by handset chip sales and it highlights that demand in the market for advanced microchips is high.

Qualcomm’s CEO Cristiano Amon expressed that the company’s supply was improving during the time of a  a global shortage of microchips.

Amon said, “In simple terms, we see supply improvements, and our forward guide contemplates the visibility we have in supply. We still have more demand than supply, and we would ship more if we could.”

Amon expressed during a call with analysts, “Android is a success story for us.”