Qualcomm at the Galaxy’s Edge

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Qualcomm at the Galaxy's Edge

Losing share in the new Samsung Galaxy phone is more bad news

 

By 

DAN GALLAGHER

April 7, 2015 12:16 p.m. ET

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The inner workings of a smartphone are like a crowded party: It can be a challenge to maneuver back to a prime spot once you've been elbowed out of it.

Qualcomm has not been ejected from Samsung Electronics' latest bash, but there's some worry that the company is being shown the door. The new Galaxy S6 smartphone begins shipping on Friday, without Qualcomm's Snapdragon chip as its main processor. And now it seems that some versions will also eschew Qualcomm's modem chips for products of Samsung's own design, according to a teardown report last week from Chipworks.

Modem chips, also known as baseband processors, control the smartphone's connection to the carrier's network. This is a critical business for Qualcomm, which dominates roughly two-thirds of the baseband market, according to Strategy Analytics. Baseband processors are also the main driver of Qualcomm's chipset business that is projected to generate around $19 billion in revenue for the current fiscal year, which ends in September.

Qualcomm's investors have lived with the perpetual worry that Samsung and Apple, which together account for about 40% of global smartphone shipments, will eventually move to their own baseband designs.

This, along with concerns about the company's licensing business in China, has weighed heavily on Qualcomm's stock, which is off nearly 14% over the past 12 months. The PHLX Semiconductor Index is up nearly 20% in that time, while companies such as Skyworks and Avago, which make specialized chips for smartphones, have doubled in value.

Some versions of the new Galaxy will still use Qualcomm's baseband chips. But the onus is on the company to win back momentum this year. A recently raised dividend and buyback should offer some support for Qualcomm's stock. Investors, though, are looking for better chips to play in this game.