Qualcomm CEO says: Consumers want better phones, growth expected despite economic downturn

Qualcomm CEO Cristiano Amon sees chip supplier growth as consumers increasingly want “better phones,” he said in an interview Wednesday at the World Economic Forum. , even as recession talk dominated the event in the Swiss ski town of Davos.

Qualcomm has redefined our mobile strategy to focus on premium and premium and we are gaining share in a flat market,” said Amon. Samsung Galaxywe had 40 percent stock and now we are over 75 percent. “

Amon said the smartphone market has “matured”, limiting growth. Risks to the global economy have been at the forefront of business leaders, policymakers and academics around the world at the annual meeting in Davos, citing several reasons as: threat of a worldwide recession.

Amon says that throughout the COVID-19 pandemic, the usefulness of smartphones continues to grow, with a greater reliance on Launch meetings at work and school and to stay in touch with family.

“People are wanting better phones, with more features,” Amon said. “Those are the things that can keep the mobile market stable even in the face of inflation and the risk of a recession.”

In April, Qualcomm forecast third-quarter revenue that beat analysts’ expectations.

Qualcomm technology powers augmented and virtual reality devices, including those created by Facebook owner Meta Qualcomm’s relationship with Facebook is “expanding,” Amon said.

“Augmented reality can be as big as a phone,” he said.

Qualcomm already has a partnership with Microsoft and TikTok for virtual and augmented reality devices, and more will be announced, Amon said.

© Thomson Reuters 2022

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