Qualcomm reported a calendar Q3 profit of $506 million on sales of $4.81 billion which were 17% down from $5.83 billion a year ago.

The company expects calendar Q4 sales of between $4.4 billion and $5.2 billion.

“We exit the fiscal year having successfully executed on our strategic priorities: helping to drive the commercialization of 5G globally, completing a number of important anchor license agreements and executing well across our product roadmap,” said Qualcomm CEO Steve Mollenkopf, “our technology and inventions leave us extremely well positioned as 5G accelerates in 2020.”

Qualcomm said it shipped 152 million chip-sets in calendar Q3 which was 34% down on calendar Q3 2018.

The company expects to ship between 175 million and 225 million 5G chip-sets next year.

Inerim CFO Akash Palkhiwala has been appointed permanent CFO.