Qualcomm’s China business is back to the same level it was a year ago, Qualcomm CEO, Steve Mollenkopf (pictured) told CNBC yesterday.

“The sun has come up in China with respect to how they’ve returned to a normal state,” said Mollenkopf.

Qualcomm gets about half its total revenues from China.

“At the end of  January there was a big dip but that recovered by the beginning of March,” he said, “ now it’s back to the same level as a year ago.”

“Our supply chains are back to 70 to 80% of capacity,” added Mollenkopf.

The coronavirus won’t delay Qualcomm’s development programmes. 

“The majority of our development teams are making progress  – but making progress from home – a small percentage of them are in the labs,” he said.

“It won’t impact the 5G programmes we’re working on,” added Mollenkopf.

He said Qualcomm had established 35,000 VPN connections for people to work from home.

The important thing now is to be prepared for the recovery. “When this thing snaps back it will snap back hard,” said Mollenkopf  “you want to make sure you’re in a position to take advantage of it.”