In brief: Qualcomm had a stiff quarter post-obit the release of Apple tree's iPhone 12, and the company is confident it tin leverage Huawei's misfortune to expand the addressable marketplace for its mobile chips.

Qualcomm's earnings study landed today, and it looks like the company rode the iPhone 12's wave of success and impressed investors with ameliorate than expected financial results.

For the financial quarter ending December 27, 2022 (Q1 of FY2021), Qualcomm made no less than $8.24 billion in acquirement, a 62 percent year-over-twelvemonth increase. And while that did fall short compared to the projected $8.27 billion figure thrown around by analysts, internet income was $2.46 billion, almost 18 percent higher than expected and about two times as much as the same quarter of the previous fiscal year.

Outgoing CEO Steve Mollenkopf noted during an investor call, "the chip business is growing similar crazy," attributing the expert financial results on the clamorous demand for its Snapdragon Mobile Platform every bit well every bit strong sales of its modems. Office of that is cheers to a deal with Apple to supply 5G modems for iPhone, only the company as well makes coin from licensing its extensive list of patents to other companies.

Mollenkopf believes Qualcomm'due south outlook for the coming year looks particularly good in the light of ever-growing merchandise restrictions imposed on Huawei by the U.s.a.. Simply put, demand for Huawei phones outside of Prc is slowing down, which is covered by other smartphone vendors that buy their fries from Qualcomm as fast as they tin be made. The merely problem left to figure out is supply shortages, as the executive acknowledged it would directly bear on how much the company volition capitalize on the opportunity.

In the meantime, Huawei is exploring the idea of building a chip manufacturing institute in Shanghai, but that's several years abroad from turning the tide for the Chinese company.