Qualcomm tops Q2 results, notes pandemic has diminished interest for cell phone chips

Qualcomm Snapdragon
Qualcomm beat gauges for its second quarter monetary outcomes on Wednesday, however the tech goliath said the novel coronavirus pandemic has decreased interest for cell phone chips and 5G handsets. 

Qualcomm said the pandemic caused a 21% decrease sought after for 3G, 4G and 5G handsets contrasted with past desires. The organization's GAAP results likewise endured a shot due to "non-attractive venture hindrances" of $265 million. 

Overalll, the chipmaker revealed second quarter income of $5.206 billion, up 5% from a year back. Non-GAAP income were 88 pennies an offer. Money Street was searching for profit of 78 pennies for each offer with $5.02 billion in income. 

Incomes from the Qualcomm Technology Licensing (QTL) section, Qualcomm's authorizing division, came to $1.07 billion, down 4% from a year prior. QTL represents a huge bit of Qualcomm's income. In the interim, income from Qualcomm's QCT portion, its biggest business, came to $4.1 billion, an expansion of 10% year-over-year. Qualcomm said MSM chip shipments were 129 million, down 17% year-over-year 

As far as direction, Qualcomm expects second from last quarter income from 60 pennies to 80 pennies an offer with between $4.4 billion and $5.2 billion in income. Money Street is expecting income of 75 pennies an offer on income of $4.89 billion. 

Qualcomm said its direction depends on the presumption that there will be a generally 30% decrease in handset shipments comparative with past desires for the second from last quarter. 

"We executed incredibly well in the second monetary quarter, with solid Non-GAAP brings about line with our direction, exhibiting the quality of our plan of action and the flexibility of our group to react rapidly to the interesting difficulties introduced by the worldwide pandemic," said Qualcomm CEO Steve Mollenkopf.

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