Qualcomm cites 5G momentum but warns of unknown coronavirus impact

Qualcomm reported revenue of $5.077 billion for its fiscal first quarter ended December 29, 2019, up 5% compared to a year ago. GAAP net income amounted to $925 million, down 13% yoy.

"Our strong fiscal first quarter financial performance reflects a significant inflection point for Qualcomm as we begin to realize the benefits from the ramp of 5G,” said Steve Mollenkopf, CEO of QualcommIncorporated.

Qualcomm said over 275 5G devices have been announced or are in development, spanning multiple price tiers, based on its silicon. As of December, the three major Korean operators are serving a total of 4.7 million 5G subscribers. In China, over 13 million 5G handsets have been sold.

On an earnings conference call, company executives stressed that there is "significant uncertainty around the impact from the coronavirus on handset demand and supply chain."