Lockdowns in China, war in Ukraine and rising inflation has taken a toll on consumers, preventing them from spending on electronic gadgets like phones. To reduce its dependence on handsets, Qualcomm has been diversifying its revenue streams by catering to other markets including automotive. Moreover, Qualcomm is weighing the impact of slowly losing business from Apple AAPL.O by taking advantage of the gap left by Huawei in the China smartphone market by fulfilling chip needs of Chinese brands like Oppo, Vivo and Xiaomi, especially for high-end phones.