Qualcomm said on Wednesday that it expects smartphone sales to take another hit this quarter as consumers slow upgrades due to the pandemic. Sales could be down by 15% year-over-year, it said as part of its earnings release.
Why it matters: The announcement suggests more tough times could be ahead for a number of companies that specialize in smartphones, including Samsung and Apple.
Qualcomm said it expects that phone sales could be down 15% year over year, "including a partial impact from the delay of a global 5G flagship phone launch."
"It’s recovering faster than what we would have forecasted," CEO Steve Mollenkopf told Axios. "It’s pretty strong."
The company also said it settled a long-running dispute with Huawei earlier this month. The deal included a patent cross-licensing deal and Huawei said it expects additional revenue of $1.8 billion from the deal.
