Index Option Calls
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Index Option Calls
No Result
View All Result
Home Latest News

Qualcomm hits record high after it tells investors it will grow without Apple

by
November 16, 2021
in Latest News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Apple CEO Tim Cook praises China’s innovation, long history of cooperation on Beijing visit

The market’s initial reaction to a Fed rate hike is ‘almost always a head fake,’ Jim Cramer says

Cristiano Amon, CEO of Qualcomm.

Steve Marcus | Reuters

Qualcomm stock rose as much as 7% on Tuesday after it issued bullish forecasts at an investor’s conference in New York and said that its growth doesn’t rely on a relationship with any single customer, such as its modem chip sales to Apple.

“This company can no longer be defined by a single market and a single end-customer,” Qualcomm CEO Cristiano Amon said.

Qualcomm currently supplies wireless chips for Apple’s devices but said it expects to provide just 20% of the modem chips needed for the 2023 iPhone. Company officials declined to say what percentage of its current revenue comes from Apple. The company reported $27 billion in total chip sales in 2021.

Qualcomm said it expects its entire chip business, called QCT, will grow at least 12% by 2024 even as it predicts its business with Apple declines to a “low single-digit” percent of sales in its chip business by the end of 2024.

“As we continue to invest in leading RF front end technology, there’s opportunity to supply to Apple. But as it relates to Apple, we don’t make any assumptions other than the assumptions we have in the plan,” Amon said. “So everything on Apple, we should think about upside.”

An Apple representative didn’t immediately return a request for comment. Apple bought Intel‘s modem business in 2019 and is working on its own wireless 5G technology but has not publicly discussed its modem plans.

Qualcomm’s CFO Akash Palkhiwala said the company’s primary strategy in phones is to power high-end Android devices.

Analysts had been looking for these indications from Qualcomm heading into the company’s investor day.

“The potential for Apple to eventually internalize their own chipsets remains an overhang on the stock’s multiple, and we believe many investors are looking for some sort of clarity on the level of earnings power they might underwrite without Apple chips in the model,” Bernstein analyst Stacy Rasgon wrote in a note on Monday.

While Qualcomm is best known as a supplier of wireless chips and processors for mobile phones, it said it has diversified its business and that over one-third of its sales is now driven by chips that power other kinds of devices, such as PCs, automobiles and virtual reality headsets.

For example, Qualcomm also said that sales of its IoT chips, low-power chips needed for smart appliances, will be up to $9 billion in revenue by 2024, up from $5.06 billion in 2021.

Likewise, the company said Tuesday that its automotive business could reach $8 billion in sales in the next 10 years, up from under $1 billion in 2021. Part of that will be achieved through a new partnership with BMW in which Qualcomm will provide chips for self-driving cars.

ShareTweetPin

Related Posts

Apple CEO Tim Cook praises China’s innovation, long history of cooperation on Beijing visit

by
March 25, 2023
0

The world's biggest iPhone factory, located in China and run by Foxconn, faced disruptions in 2022. That is likely to...

The market’s initial reaction to a Fed rate hike is ‘almost always a head fake,’ Jim Cramer says

by
March 25, 2023
0

CNBC's Jim Cramer said on Friday that this week was the latest example of the market gone crazy after a...

Biden says federal deposit insurance could be tapped further if banks fail

by
March 25, 2023
0

The Federal Deposit Insurance Corp. (FDIC) headquarters in Washington, DC, US, on Monday, March 13, 2023. Al Drago | Bloomberg...

Foundation of China’s economic recovery not solid enough, party official says

by
March 25, 2023
0

A general view shows the skyline over the Central Business District in Beijing on February 28, 2023. Jade Gao |...

Jack Dorsey’s Wealth Tumbles $526 Million After Hindenburg Short

by
March 25, 2023
0

S&P 500 3,970.99 +22.27(+0.56%)   Dow 30 32,237.53 +132.28(+0.41%)   Nasdaq 11,823.96 +36.56(+0.31%)   Russell 2000 1,734.92 +14.63(+0.85%)   Crude...

Next Post

Warren Buffett has been selling into this stock market rally for the past one year

November 16th COVID-19: New Cases Increasing, Above 83K per Day

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • A Couple Stored IRA Gold at Home. They Owe the IRS More Than $300,000.

    0 shares
    Share 0 Tweet 0
  • A California Couple Spent Eight Years Building Their Dream Retirement Home in Costa Rica

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs says buy these stocks to play Web 3.0 and the metaverse

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs picks new stocks to buy — and says these 5 have over 100% upside

    0 shares
    Share 0 Tweet 0
  • In his final warning, this stock trading wizard — who made big money in bear markets and crashes — called this market a bubble like no other

    0 shares
    Share 0 Tweet 0
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.indexoptioncalls.com
No Result
View All Result
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.indexoptioncalls.com