Qualcomm Sells an Almost Apple-Free Future

With a business seemingly firing on all cylinders, Qualcomm has faced a unique problem at the start of its new fiscal year: convincing investors that it doesn’t in fact need one of its largest customers.

No small feat, considering the bulk of Qualcomm’s business comes from smartphones, and Apple is the world’s largest smartphone company. The two have been at odds for years but are currently engaged in what could best be called a begrudging relationship that has still proved mutually beneficial. Qualcomm’s chips have allowed Apple to sell its first 5G iPhones to great success, while the Apple business has given a strong boost to Qualcomm’s chipset sales. Both companies reported record revenue and operating profits for the fiscal year that ended in September.

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