Qualcomm reported strong fiscal first quarter earnings as its revenues soared above $10 billion.
. For Qualcomm's fiscal first quarter of 2022, the fabless firm reported revenue of $10.71 billion, up 30% from the fiscal first quarter of 2021. Net income for the period weighed in at $3.40 billion, 38% higher than the $2.46 billion that was reported last year.
Qualcomm might have been singing,"We're in the chips" as its diluted earnings per share rose 41% on an annual basis from $2.12 to $2.98. Company president and CEO Cristiano Amon said,"Our record quarterly results reflect the strong demand for our products and technologies, with QCT revenues exceeding those of any fabless semiconductor company."
Amon added,"We are at the beginning of one of the largest opportunities in our history, with our addressable market expanding by more than seven times to approximately $700 billion in the next decade. Our one technology roadmap positions us as the partner of choice for both mobile and the connected intelligent edge.
During the quarter, its flagship Snapdragon 888 chipset was spurned by Google's own Tensor chip for the