Microprocessor giant Qualcomm this week reported that it earned a net income of $1.8 billion on revenues of $7.9 billion for the quarter ending March 31.

“Demonstrating the strength of our strategy and our success in execution, we delivered another quarter of year-over-year growth driven by sustained demand for smartphones globally and our ability to increase the scale of our non-handset revenues,” Qualcomm CEO Steve Mollenkopf said. “Looking ahead, Qualcomm is well positioned for continued growth, and we remain confident in our ability to execute on the many opportunities in front of us. I am extremely honored and proud to have led Qualcomm for the past seven years and am confident in the Company’s ability to extend its position as a leader in wireless technologies under Cristiano’s leadership.”

(Mr. Mollenkopf will retire from Qualcomm in June and will be replaced by Cristiano Amon, who currently serves as Qualcomm’s president.)

Most of Qualcomm’s revenue comes from chipset sales, of course, and that part of the business delivered about $4 billion in revenues. But Qualcomm gets strong contributions from other markets, including Internet of Things (IoT), automotive, and RF front-end solutions, and it has a successful technology licensing program that contributed $1.6 billion in revenues too.

“We are the global 5G IP leader with more than 130 5G license agreements signed to date, up from over 120 last quarter with all major handset manufacturers around the globe licensed,” Mr. Amon said during a post-earnings conference call. “We believe that our model of early research and development,  consistent leadership, flexible licensing, and global implementation support will continue to add value to our partners and stockholders for years to come.”

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