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Qualcomm posts record sales amid surging demand for 5G smartphones
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Qualcomm Inc. posted record quarterly sales and forecast further growth amid surging demand for 5G smartphones in the face of supply-chain constraints.
Chief Executive Cristiano Amon, who took the top job in June, said steps the company has taken to assure parts supplies are starting to deliver results and should ease bottlenecks over the coming months.
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The first part of 2022, he said, will still see shortages. "But as we get to the second part of the year, I think, in general, supply and demand are going to be aligned," he said on an earnings call.
The mobile-phone chip giant, whose processors are in many new 5G handsets, said sales rose 12% to $9.3 billion in its fiscal fourth quarter, generating a $2.8 billion profit, exceeding Wall Street expectations. The sales jump came even after the year-ago figure was boosted by a one-time payment of $1.8 billion from a prior licensing settlement with Chinese phone giant Huawei Technologies Co.
Mr. Amon has been pushing the company to grow beyond its traditional mobile-chip business. The company closed the fiscal year with combined revenue topping $10 billion for some of its non-handset growth businesses, including those focused on the automotive sector and internet-of-things devices.