Monday, 18 November 2019

Qualcomm names new CFO as it eyes strong revenue growth in 2020

By Chris Kelly, Total Telecom
Thursday 07 November 19

Qualcomm also announced its financial figures for the year, which point towards continued growth in 2020

US chipset manufacturer, Qualcomm, has appointed Akash Palkhiwala as its chief financial officer, following a unanimous vote of approval from the company's board of directors. Palkhiwala had already been serving as Qualcomm's interim CFO since August 2019…

US chipset manufacturer, Qualcomm, has appointed Akash Palkhiwala as its chief financial officer, following a unanimous vote of approval from the company's board of directors.

Palkhiwala had already been serving as Qualcomm's interim CFO since August 2019.

“Akash’s deep understanding of our business both operationally and strategically makes him the ideal individual to lead our finance function as we embark on a period that I believe may present the biggest opportunity for growth in Qualcomm’s history,” said Steve Mollenkopf, CEO of Qualcomm Incorporated.

“As the 5G ramp begins, I am thrilled to congratulate Akash on this appointment,” he added.

Palkhiwala's appointment comes at a crucial time for Qualcomm, as the US tech giant tries to ride the 5G boom to boost its bottom line. Earlier this week, Qualcomm posted a mixed set of financials which saw Q4 revenues fall by a hefty 17 per cent compared to last year, yet still beat analysts' expectations.

Earlier this year, Qualcomm crucially resolved a long running dispute with Apple over alleged intellectual property infringements in various iPhone models. With that dispute settled, Qualcomm is looking ahead to brighter times as the world continues to ramp up its 5G rollouts in 2020 and beyond.

“We exit the fiscal year having successfully executed on our strategic priorities: helping to drive the commercialisation of 5G globally, completing a number of important anchor license agreements and executing well across our product roadmap. Our technology and inventions leave us extremely well positioned as 5G accelerates in 2020,” said Steve Mollenkopf, CEO of Qualcomm.

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Qualcomm fined by European Commission

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