QUALCOMM Incorporated (QCOM) 51st Annual J.P. Morgan Global Technology, Media and Communications Conference (Transcript)

QUALCOMM Included (NASDAQ:QCOM) 51st Annual J.P. Morgan International Know-how, Media and Communications Convention Could 22, 2023 3:10 PM ET

Firm Individuals

Samik Chatterjee – JPMorgan

Convention Name Individuals

Akash Palkhiwala – CFO

Samik Chatterjee

Good afternoon, everybody. I am Samik Chatterjee. I cowl {hardware} corporations at JPMorgan. For the following session right here, we now have the pleasure of internet hosting QUALCOMM, and we now have with us, Akash Palkhiwala, who’s the CFO at QUALCOMM. Akash, thanks for coming right here.

Akash Palkhiwala

Thanks for having me.

Samik Chatterjee

Because of Mauricio and Claudia as properly. Thanks for being on the convention. Thanks, everybody. We’ll begin with smartphone, sadly, this 12 months. Yeah, no worries. First query for you and we’ll rapidly undergo a couple of questions and open it as much as the viewers to take their Q&A as properly.

Query-and-Reply Session

Q – Samik Chatterjee

Your main finish market, the smartphone market, has seen restricted pull ahead of demand throughout the pandemic, I feel, very opposite to what we noticed with PCs and others. But the restoration has been underwhelming until date, and that is been a bit shocking. How do you kind of actually have a look at this?

Is it a willingness for customers to maintain — customers to maintain extending the alternative cycle or restricted causes to improve due to type issue modifications? How are you trying on the shopper kind of improve cycle willingness, simply provided that we did not actually have a lot pull ahead as properly throughout the pandemic?

Akash Palkhiwala

Sure, the market has been attention-grabbing the final three or 4 years. When you have a look at what occurred in 2020 with COVID beginning, it went down, after which 2021, it went again as much as what it was within the earlier 12 months. And since then, we have seen a pair years now of discount out there. So clearly, by way of COVID, and there is possibly

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