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Photo: Qualcomm

Qualcomm executives told Axios on Tuesday that they are seeing demand for semiconductors exceed supply in all of their businesses, from cars to smartphones to networking gear, but they expect the shortage to start easing, at least for them, by the end of the calendar year.

Why it matters: A global chip shortage is hampering supply of all kinds of goods, but most notably the auto industry which is having to cut car production due to a lack of required semiconductors.

What they're saying: "We now have line of sight to material improvements for us toward the end of the calendar year," Qualcomm president and incoming CEO Cristiano Amon told Axios.

  • The comments came after the company reported better-than-expected quarterly sales on the back of strong smartphone sales. The company reported $7.9 billion in revenue, up 52% from the prior year.

State of play: Outgoing CEO Steve Mollenkopf added that larger chipmakers like Qualcomm are faring better than smaller companies. Qualcomm, he said, has been able to better weather supply constraints due to both its scale and the fact it gets its leading-edge chips from more than one supplier, unlike many rivals.

Of note: On the demand side, Qualcomm is also benefitting from the smartphone business, as companies that use its processors gain ground ceded by Huawei, which used homegrown chips but has seen its smartphone business — especially outside China — decimated by U.S. export restrictions and other economic measures.

The bottom line: "It's really an unusual time," Mollenkopf said. "We'll work through it."

Go deeper

Dion Rabouin, author of Markets
Apr 27, 2021 - Economy & Business

Tesla reports strong earnings, but traders are unimpressed

Expand chart
Data: FactSet, company filings; Chart: Will Chase/Axios

Tesla's latest earnings report beat expectations handily, thanks largely to its investment in bitcoin and regulatory credits, but the stock fell by as much as 3% in after-hours trading.

By the numbers: Tesla reported revenue of $10.4 billion and a record-high $438 million in net profits. The company said it made $101 million from the sale of some of its bitcoin holdings after investing $1.5 billion in February.

PS5 sales surge despite semiconductor shortage

Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Sony shipped 7.8 million PlayStation 5s between the new console’s November 2020 launch and the end of March, with demand outstripping supply, the company said in its latest financial reports.

Why it matters: The video game business has boomed since the onset of the coronavirus pandemic, but a shortage of semiconductors threatened to slow down the manufacturing of new game consoles, including the PS5.

Southwest heat wave intensifies, breaks records and worsens drought

A temperature "misery index" shows peak levels across the Southwest (orange and yellow), and the upper air flow shows how the jet stream is being pushed north, away from the heat dome parked over the Four Corners region. (Earth.nullschool.net)

A punishing and long-enduring heat wave is intensifying in parts of the West and Southwest, with heat warnings and advisories in effect across seven states Wednesday. The heat will not relent until late in the weekend.

Threat level: In the coming days, 40 million are likely to see temperatures reach or exceed 100 degrees.