Mobile chipset giant Qualcomm reported that it earned a net income of $2.9 billion on revenues of $11 billion for the quarter ending March 27. That latter figure is a record, and an incredible 41 percent increase over the same quarter one year earlier.
“We are pleased to announce another quarter of record revenues, reflecting the successful execution of our growth and diversification strategy and strong demand for our wireless and high-performance, low-power processor technologies across multiple industries,” Qualcomm president and CEO Cristiano Amon said. “We are well-positioned to meet our long-term targets and enable the connected intelligent edge.”
The vast majority of Qualcomm’s revenues in the quarter, or $9.6 billion, came from chipset sales. This was divided into chipset sales to handset makers ($6.3 billion), RF front-end ($1.2 billion), automotive ($339 million), and Internet of Things (IoT, $1.7 billion). The remainder, or $1.6 billion, came from technology licensing.