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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

Back-to-school spending expected to hit record high

Illustration: Brendan Lynch/Axios

Families are expecting to spend a record amount on back-to-school shopping this year, according to a new National Retail Federation survey conducted this month.

Why it matters: Purchases will be driven in part by electronics items, putting more pressure on retailers and manufacturers to meet that demand amid a continuing chip shortage and other supply chain constraints.

SoCalGas agrees to $1.8 billion settlement for 2015 gas blowout

An evacuee with a Save Porter Ranch sign outside Southern California Gas Company's Aliso Canyon gate in Porter Ranch in January 2016 as the gas leak continued. Photos: Al Seib / Los Angeles Times via Getty Images

Southern California Gas Company and its parent company announced Monday they've agreed to pay up to $1.8 billion in settlement claims over the 2015 Aliso Canyon natural gas storage facility blowout.

Why it matters: Some 100,000 tons of methane, ethane and toxic chemicals poured into the air for 112 days, forcing over 8,000 families to evacuate from their Los Angeles-area homes and sickening many with headaches, nausea and nosebleeds, per the L.A. Times.

Updated 4 hours ago - World

North Korea fires short-range missile to sea, slams "hostile" U.S. policy

North Korean leader Kim Jong-un. Photo: API/Gamma-Rapho via Getty Images

South Korea's Joint Chiefs of Staff said Tuesday that North Korea's military had fired a short-range missile toward its eastern sea, per AP.

Why it matters: North Korea's ambassador to the United Nations defended the latest launch in remarks to the UN General Assembly, demanding the U.S. and South Korea end their "hostile policy" against the country.