Chip designer Qualcomm was one of several mobile-related companies that posted strong profits in recent days, including Google’s parent alphabet, and T Movable. For Qualcomm’s fiscal first quarter of 2022, the fabless company reported (based on generally accepted accounting principles) revenue of $10.71 billion, up 30% from the fiscal first quarter. net income for the period was $3.40 billion, 38% higher than the $2.46 billion reported last year.
Qualcomm could have been singing “We’re in the chips” as its diluted earnings per share (EPS) rose 41% year on year from $2.12 to $2.98. The company’s President and CEO, Cristiano Amon, said: “Our record quarterly results reflect strong demand for our products and technologies, revenues from QCT (Qualcomm’s largest division and the one responsible for mobile components) exceeding those of any fabless semiconductor company.
Amon added, “We are at the start of one of the biggest opportunities in our history, expanding our addressable market more than seven times to reach approximately $700 billion over the next decade. Our unique technology roadmap positions us as the partner of choice for both mobile and the connected intelligent edge.”

During the conference call, the executive discussed the global chip shortage and said, “Despite the current global supply chain challenges, our multi-sourcing and capacity expansion initiatives will drive improvements to our supply throughout the year.”

During the quarter, its flagship Snapdragon 888 chipset was rejected by Google’s own Tensor chip for the Pixel 6 and Pixel 6 Pro series, but the San Diego-based company has announced its new flagship Snapdragon 8 Gen 1 chip which kicks off a new naming convention for the company. The Motorola Edge X30 was the first phone unveiled with the new SoC inside.

As we just mentioned, QCT is Qualcomm’s business segment that is most important and responsible for mobile components. This division generated $5.98 billion in handset-related revenue in the first quarter of the fiscal year, a 42% gain from the $4.22 billion in revenue generated from handset-related sales in during the quarter of the previous year. This indicates high demand for Snapdragon chips from Android makers.

On Wall Street, Qualcomm shares had a wacky day. During the regular trading session, the stock rose $11.07 to $188.20 ahead of the earnings report. But when the numbers were released, investors were disappointed and the stock fell $5.70 from the 4:00 p.m. EST close to end the day at $182.50.