Alphabet discloses nearly 3 million Qualcomm shares
The holding was worth $547.9 million as of September, Alphabet disclosed on 6 November.
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The holding was worth $547.9 million as of September, Alphabet disclosed on 6 November.
Alphabet said on 6 November that it held nearly 3 million Qualcomm shares worth $547.9 million as of September.
Alphabet, Google’s parent company, built the Qualcomm stake in the third quarter, CNA said. The holding gives Alphabet a financial stake in a chipmaker that is expanding beyond its established smartphone business.
Qualcomm shares rose 3% in trading before the market opened. Earlier in the week, its quarterly smartphone-chip sales fell short of Wall Street expectations because of weak demand, although the company forecast better-than-expected revenue for its emerging data-center business.
Qualcomm and Google have worked together on smartphones and laptops. Qualcomm is also seeking customers for processors used in data centers, the facilities that house computing equipment.
Qualcomm expects its data-center chip revenue to reach $15 billion by 2029. That forecast concerns future chip sales, not the value of Alphabet’s holding.
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