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 (NASDAQ: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 (NASDAQ:FB), Amon said.
• Qualcomm's relationship with Facebook was growing, he added.
• Qualcomm forged partnerships with Microsoft Inc (NASDAQ: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 (NASDAQ: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.