Qualcomm recently released its second quarter results. The company again beat expectations with revenue of $10.93 billion. Despite the chip crisis affecting many industries, Qualcomm had a successful quarter behind it with growing demand for 5G phones.
Qualcomm and Samsung together until 2030
Growing its revenue from the mobile phone market by a percentage, Qualcomm also gained significant revenue from the automotive and IoT industries. While everything was going well for Qualcomm, another good news came from their partnership with Samsung.
Qualcomm announced that their partnership with Samsung has been extended to 2030 along with the second quarter numbers. According to the statement, as the scope of the partnership expands, Snapdragon-signed processors are said to be used in models that previously featured Exynos processors developed by Samsung itself. Accordingly, the Samsung Galaxy S23 may have a Snapdragon 8 Gen 2 processor.
Cristiano Amon, president and CEO of Qualcomm, had the following to say about the third quarter and the expanded partnership with Samsung:
We are pleased to report strong quarterly results with record QCT Automotive and IoT revenues in a challenging macroeconomic environment. We are also excited to announce the expansion of our agreement with Samsung and the expansion of our strategic partnership to deliver leading premium user experiences for Samsung Galaxy devices.
Qualcomm ranks high in sales of Android flagships like the Galaxy S22. The company will also show more Android smartphones with the latest Snapdragon 8+ Gen 1 in the coming weeks. Qualcomm also released the new W5+ Gen 1 chipset for smartwatches, which is expected to power the next generation of Wear OS watches to be released this year.
Companies such as Alphabet, Meta and Microsoft have lowered their expectations in these economic conditions. On the other hand, Qualcomm did not take a step back. The company expects fourth-quarter revenue to be between $11 billion and $11.8 billion.
So, what do you think about the partnership between Qualcomm and Samsung? You can share your opinion with us in the comment section.