Qualcomm Inc. said the company is shipping more than 1 million chips per day for a wide range of connected devices in the internet of things, or IoT.
Such devices include wearables, connected TVs, connected cameras, drones and home automation devices.
Connected devices are expected to have an economic impact of $11.1 trillion per year by 2025, according to a 2015 study from McKinsey & Co. cited by Qualcomm (Nasdaq: QCOM).
The San Diego business also said that manufacturers have shipped more than 1.5 billion internet of things devices containing Qualcomm chips.
“We are focused on significantly expanding capabilities at the edge of the network by supporting everyday objects with the connectivity, compute and security technologies required to build a powerful internet of things, where devices are smart, convenient, work well together and incorporate advanced security features,” Qualcomm executive Raj Talluri said in a statement released by Qualcomm. Talluri is senior vice president for product management, IoT, Qualcomm Technologies Inc.
The business said it has more than 25 available reference designs: essentially blueprints for manufacturers who would like to make a variety of products including voice-enabled home assistants, connected cameras, drones, virtual reality headsets, lighting, appliances and smart hubs or gateways.
In other corporate news, Qualcomm announced May 19 that it priced $11.0 billion worth of corporate bonds. The senior unsecured notes have nine interest rates and will mature at dates between 2019 and 2047.
Qualcomm plans to use the proceeds to help fund a portion of its planned acquisition of NXP Semiconductors N.V. as well as for general corporate purposes.
Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; Barclays Capital Inc.; Citigroup Global Markets Inc.; and Deutsche Bank Securities Inc. are acting as joint book-running managers for the offering.