Davos, Switzerland: Qualcomm Inc. CEO Cristiano Amon sees growth for the chip supplier as consumers increasingly want “better phones”, he said in an interview on Wednesday. World The economic forum at the event in the Swiss ski town of Davos, even if there is talk of an economic slowdown.
“Qualcomm has redefined its mobile strategy to focus on premium and high tiers, and we’re winning a flat market share,” Amon said. “For example, with devices like the Samsung Galaxy, we had a 40% stake and now we have over 75%.”
Amon said the smartphone market is “mature”, limiting growth. The risks to the global economy topped the annual Davos gathering of world business leaders, policymakers and academics, with some citing the threat of a worldwide recession.
Amon said that throughout the COVID-19 pandemic, smartphone usability continued to increase, with a greater reliance on Zoom for meetings at work and school, and for staying in touch with family.
“People are looking for better phones with more capabilities,” Amon said. “Those are the things that can keep the mobile market stable despite the risks of inflation and recession.”
In April, Qualcomm forecast third-quarter revenue above analysts’ expectations.
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Qualcomm’s technology powers augmented and virtual reality devices, including those made by Facebook’s owner Meta Platform, Amon said, adding that Qualcomm’s relationship with Facebook is “expanding.”
“Augmented reality can be as big as phones,” he said.
Amon said that Qualcomm already has partnerships in place with Microsoft Inc. and TikTok for virtual and augmented reality devices, and that has yet to be announced.
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