Qualcomm Inc shares rose more than 5% on Wednesday after it forecast current-qua...
FILE PHOTO: A Qualcomm sign is pictured at Mobile World Congress in Shanghai, China June 28, 2019. REUTERS/Aly Song
The licensing business drove the adjusted profit forecast with a midpoint of 85 cents per share, also above analyst expectations of 83 cents per share, according to Refinitiv data. On the chip side, Qualcomm’s chief executive, Steve Mollenkopf, told Reuters in an interview that the company has won deals to supply 230 device designs with 5G chips, up from 150 a quarter ago.
Qualcomm said it expects between 1.75 billion and 1.85 billion smart devices with modem chips, including 175 million to 225 million 5G handsets, to be sold in 2020. Because Qualcomm collects license fees on devices that use cellular connections to wireless data networks, a greater number of devices sold often results in higher revenue and profits.
Qualcomm said that for the fiscal fourth quarter ended Sept. 29, revenue in its licensing segment was $1.16 billion, beating estimates of $1.10 billion, according to data from FactSet.
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