"Qualcomm Anticipates Strong Recovery with Revenue Topping Estimates"

Qualcomm, the leading seller of smartphone processors, anticipates a modest recovery for the industry in 2024, with phone shipments expected to strengthen while the market for internet-connected appliances remains sluggish. The company reported that phone shipments, which declined in 2023, are projected to be flat to slightly up in 2024. Despite oversupply issues in its connected devices business, Qualcomm is aiming for growth and navigating industrywide inventory drawdown. Additionally, the company announced extended patent licensing agreements with Apple and a new agreement with Samsung, with the latter agreeing to base future devices on Qualcomm processors.