Qualcomm Inc forecast fourth-quarter revenue below Wall Street targets on Wednesday, bracing for a difficult economy and a slowdown in smartphone demand that could hurt its mainstay handset chip business.
Company executives reiterated that Qualcomm's focus on supplying chips to premium phones and its push to diversify into other sectors such as automotive would cushion the hit from cooling smartphone demand.
Chief Executive Cristiano Amon said revenue from the automotive business reached a record in the third quarter and would surpass that in the next. Separately, Qualcomm said it had extended its patent license agreement with Samsung Electronics through the end of 2030. Amon said that would help secure revenue stability for its licensing business.
"When we provide the Snapdragon 800 platform to a Galaxy smartphone, in terms of revenue and earnings, it replaces at least the revenue and earnings of selling modems to five iPhones," said Amon.
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