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

In an interview at the World Economic Forum, Qualcomm Inc 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 FB, Amon said.
Qualcomm's relationship with Facebook was growing, he added.
Qualcomm forged partnerships with Microsoft Inc 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 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.