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Benzinga
Benzinga
Technology
Anusuya Lahiri

Qualcomm Chief Sees Prospects In High-End Smartphones, Meta Partnership Thanks To Augmented and Virtual Reality

Qualcomm Nasdaq Facebook QCOM Cristiano Amon Virtual reality Meta Qualcomm Inc Samsung TikTok
  • In an interview at the World Economic Forum, Qualcomm Inc (NASDAQ:QCOM) CEO Cristiano Amon talked about growth as consumers increasingly chased "better phones," Reuters reports.
  • Qualcomm's share with devices like the Samsung Galaxy grew from 40% share to over 75%.
  • Qualcomm's technology powers augmented and virtual reality devices, including those made by Facebook owner Meta Platforms Inc (NASDAQ:FB), Amon said.
  • Qualcomm's relationship with Facebook was growing, he added.
  • Qualcomm forged partnerships with Microsoft Inc (NASDAQ:MSFT) and TikTok for virtual and augmented reality devices and saw more coming.
  • Throughout the pandemic, the benefit of smartphones continued to increase, with greater dependence on Zoom Video Communications, Inc (NASDAQ:ZM) meetings at work and school, and family.
  • People's quest for better phones with more capabilities may keep the mobile market stable amid inflation and slowdown.
  • In April, Qualcomm forecasted third-quarter revenue above analyst consensus.
  • Price Action: QCOM shares closed higher by 0.01% at $131.24 premarket on the last check Thursday.
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