Qualcomm executives expressed confidence current chip supply issues would ease sufficiently for it to take advantage of flagship launches in the latter part of 2021, as the company once again highlighted its aim of capitalising on Huawei’s woes.

During its earnings call for the three months ended 28 March (fiscal Q2 2021), Qualcomm president Cristiano Amon (pictured) said issues of semiconductor supply was still impacting all its product lines.

However, he added the company expected a “material improvement in supply by the end of 2021,” positioning it “very well for 2022”. As part of attempts to meet demand, Amon noted Qualcomm had been using its scale to help provide its suppliers with “stability of demand” so they could increase capacity.

CFO Akash Palkhiwala added the company expected the improved situation to come in time for it to take advantage of handset launches made ahead of the US holiday season and Chinese New Year.

Palkhiwala also reiterated comments made at its fiscal Q1 call, outlining its intention to take advantage of Huawei’s decline.

The CFO pinned the value of supplying chips to players taking the under-fire Chinese rival’s share at $10 billion. Qualcomm expects to start recognising this gain in its next fiscal year.

In its fiscal Q2, Qualcomm booked a 276 per cent year-on-year rise in net income to $1.8 billion on revenue of $7.9 billion, up 52 per cent.

It attributed the growth to sustained global smartphone demand along with an increase in non-handset revenue.