Basking in the wake of a strong third quarter that flew in the face of a number of headwinds, Qualcomm has strengthened its strategic partnership with Samsung Electronics to deliver premium consumer experiences for its high-end Galaxy devices.
In their new arrangement, Qualcomm and Samsung have agreed to extend their patent license agreement for 3G, 4G, 5G and upcoming 6G mobile technology through the end of 2030, and have also agreed to expand their collaboration with Qualcomm Snapdragon platforms for future premium Samsung Galaxy products, including smartphones, PCs, tablets and extended reality.
Qualcomm said the new collaboration reinforces the company’s track record of success, and reaffirms its commitment to expanding technology leadership and delivering the world’s best device experiences.
“The extension of our licensing agreement is further evidence of our mutual commitment to long-term collaboration,” said Cristiano Amon, president and CEO of Qualcomm Incorporated.
“Our relationship with Samsung has never been stronger. For more than two decades, we’ve worked together to lead the industry, and we are pleased to continue this strategic partnership to develop innovative technologies and products using Snapdragon platforms to power more Samsung premium devices globally.”
“Qualcomm’s innovative technology has played a pivotal role for the advancement of the mobile industry,” added TM Roh, president and head of MX business at Samsung Electronics.
“The collaboration between Samsung and Qualcomm spans many years, and these agreements reflect our close and long-standing strategic partnership. We are committed to working with Qualcomm to advance the mobile industry and users’ experiences for future Samsung Galaxy devices.”
As it announced its results for the third quarter of its financial year ended 26 June 2022, Amon said the company has delivered a strong performance with record CDMA Technologies (QCT) automotive and IoT revenues in a challenging macroeconomic environment, leaving it well positioned to be the company bringing advanced connectivity, data processing and intelligence to the edge, enabling cloud-edge convergence.
For the quarter, the company posted total revenues of $10.936bn, up 36% on an annual basis. Net income climbed 83% compared to Q23 2021, to $3.730bn.
In terms of revenue streams, handsets generated $6.149bn, an increase of 59%, while internet of things revenues were up 31% year-on-year, to $1.833bn. Automotive business saw a 38% annual increase to $350m.