Following a strong 2020, Qualcomm (QCOM, Financial) struggled to keep pace in the first quarter of 2021. Handset sales, which benefit the company, had accelerated last year thanks to the stimulus checks consumers received, but that momentum seems to have lost some steam. In addition, the industry-wide semiconductor shortage has limited Qualcomm's growth prospects, at least in the near term.
From Mairs & Powers Growth Fund's first-quarter 2021 shareholder letter.
