Qualcomm's Amon says company to stay disciplined amid uncertainty, highlights Samsung deal
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Qualcomm (NASDAQ:QCOM) CEO Cristiano Amon said the chipmaker will stay "disciplined" amid the ongoing economic uncertainty, but noted that the industry trends have not unchanged.
Amon added that Qualcomm (QCOM) is "positioned well" for the long-term and the company expects to increase its total addressable market, or TAM, by seven times to $700B in the next decade.
Qualcomm (QCOM) shares fell slightly more than 3.5% after the semiconductor giant said fourth-quarter results would be sharply below Wall Street's estimates.
Looking ahead, Qualcomm (QCOM) said adjusted earnings would be between $3 and $3.30 per share next quarter, with revenue between $11B and $11.8B. Analysts were expecting earnings of $3.25 per share and $11.86B in sales.
Amon also highlighted a new multi-year deal between Qualcomm (QCOM) and Samsung (OTCPK:SSNLF), which will see Qualcomm supply the South Korean electronics giant with chips for premium Galaxy handsets, PCs, tablets, extended reality devices and other electronics. 
Qualcomm (QCOM) also agreed to a seven-year extension of its licensing deal with Samsung that runs through 2030.
Chief Financial Officer Akash Palkhiwala added that Qualcomm (QCOM) expects smartphones to see a "mid-single digit" decline year-over-year, citing weakness in mid-tier Android handsets, with 5G handsets now expected be between 650M-700M for the year, down from a prior outlook.
In response to a question alluding to Apple's (AAPL) upcoming iPhone 14 launch in the quarter, Palkhiwala added that premium tier volume is "holding," including premium Snapdragon Android. 
For the third-quarter ending June 26, Qualcomm (QCOM) said it earned $2.96 per share on $10.93B in revenue, aided by "record QCT Automotive and IoT revenues."
Analysts were expecting the company to earn $2.86 per share on $10.87B in revenue.
During the quarter, Qualcomm's (QCOM) automotive revenue rose 38% year-over-year to $350M, while sales attributed to internet of things rose 31% year-over-year to $1.83B. The company's handset segment, still its largest, came in at $6.15B, up 58% year-over-year.
Earlier this month, it was reported that Qualcomm (QCOM) and several other chip companies were deciding whether to oppose the $52B CHIPS Act on grounds that the legislation does not do enough to support them and heavily favors manufacturers.