Mollenkopf cocktail brings explosive growth to Qualcomm
Mobile chip designer Qualcomm Incorporated has posted a phenomenal revenue and net income performance for the second quarter of 2021 and forecasts further spectacular growth.
With major facilities around the northern Cambridge cluster, Qualcomm has hoisted Q2 revenues by 52 per cent to $7.935 billion. Earnings before tax soared 256 per cent to $2.129bn while net income was 276 per cent ahead to $1.762bn.
Handset sales were 53 per cent higher at $4.065bn but there was revenue growth across all major business segments.
CEO Steve Mollenkopf, who is retiring from the role in June, could barely disguise his elation at the performance. He said: “Demonstrating the strength of our strategy and our success in execution, we delivered another quarter of year-over-year growth driven by sustained demand for smartphones globally and our ability to increase the scale of our non-handset revenues.
“Looking ahead, Qualcomm is well positioned for continued growth and we remain confident in our ability to execute on the many opportunities in front of us.
“I am extremely honoured and proud to have led Qualcomm for the past seven years and am confident in the company’s ability to extend its position as a leader in wireless technologies under Cristiano Ramon’s leadership.”
During the second quarter Qualcomm returned $2.3bn to shareholders including $734m of cash dividends paid and $1.5bn through repurchases of 11 million shares of common stock.