Qualcomm (NASDAQ:QCOM) was a top contributor relative to the Russell 1000 Growth Index; after the Company reported substantial upside in their licensing business and good execution in semiconductor chipsets. In addition, Qualcomm embarked on a significant share repurchase program, which we estimate to be larger than 25% of the quarter-ending market capitalization.
We think the Company should be a long-term beneficiary of (and benefactor to) the rapidly increasing need for wireless data, not only at the consumer level, but increasingly in industrial and enterprise applications as wireless networks across the globe upgrade to bandwidth-friendly, 5G standards over the next several years.
From David Rolfe (Trades, Portfolio)'s Wedgewood Partners 3rd quarter 2018 shareholder commentary.
