Mobile chip company Qualcomm confidently forecast at least a 10 percent compound annual growth rate (CAGR) for the next five years.
Addressing the audience at Qualcomm’s annual investor day, CEO Paul Jacobs said that the company will keep growing, despite the bleak outlook for economies around the world. This will be thanks to the continued proliferation of smartphones and tablets, which at the moment show no sign of slowing.
Thanks to growing demand for smart devices, the wider economic conditions have had a “muted” effect on Qualcomm, Reuters reports.
Reuters talked to Bernstein analyst Stacy Rasgon who pointed out that, contrasted with traditional semiconductor players like Intel and Texas Instruments which are underperforming, Qualcomm is doing very well for itself.
Qualcomm posted decent 18 percent growth earlier in November, bringing its revenues up from $4.12 billion to $4.87 billion, which were in line with its guidance.
Although there had been supply problems at TSMC’s fabs, Jacobs said these would lead into December 2012 at the latest. Qualcomm posted its guidance for 2013 at between $23 and $24 billion.