Shares of (NASDAQ: QCOM) were rallying on Friday, up more than 3.3% on a day when the Nasdaq Composite actually finished slightly in the red.
Qualcomm has been attempting to diversify its business into automotive and Internet of Things chips in recent years, but it still gets the lion's share of revenue and earnings from its dominant mobile modem chipset business and technology licensing for mobile phones.
While the global handset industry has been in the doldrums for the past year following the pandemic boom, one Wall Street analyst initiated a report today on Qualcomm with a more optimistic outlook.
Source Fool.com