Qualcomm Incorporated ( QCOM Quick Quote QCOM - Free Report) recently announced its plans to collaborate with DISH Network Corporation ( DISH Quick Quote DISH - Free Report) to assist it with the deployment of 5G network on the back of open and cloud-based solutions. As one of the prime manufacturers of cutting-edge wireless chipsets, Qualcomm is focused on retaining its leadership in 5G with several technological accomplishments. The latest partnership of these industry bigwigs marks a significant milestone, especially at a time when telecom companies are automating operations to migrate seamlessly from 4G to 5G. Shares of DISH and Qualcomm gained 5.1% and 5.4% to close at $30.35 and $147.69, respectively, on Nov 11, in response to the news, thereby instilling positive investor investments. Financial terms of the deal have not yet been disclosed. Headquartered in Englewood, CO, DISH Network Corporation is a satellite television company mainly known for its state-of-the-art equipment and technology in the pay-TV industry. It delivers the pay-TV services to nearly 12 million subscribers and offers an over-the-top Internet Protocol television service — Sling TV — to support subscription-based video on-demand services such as Netflix, Inc. ( NFLX Quick Quote NFLX - Free Report) and Hulu. Earlier this year, the wireless unit of DISH acquired Boost Mobile as part of T-Mobile US, Inc.’s ( TMUS Quick Quote TMUS - Free Report) purchase of Sprint. On the back of this acquisition, DISH Wireless caters to around 9.3 million customers with its prepaid services. The recent alliance with Qualcomm is likely to support DISH’s network vendors with best-in-class technologies, while bolstering the wireless carrier’s 5G deployment endeavors for a better future. As part of the partnership, DISH will capitalize on Qualcomm’s 5G Radio Access Network (RAN) Platforms to accelerate the roll out of its first cloud-native, Open RAN-compliant 5G network across the United States. These semiconductor platforms have been specifically designed to fast-track the commercialization of Virtualized RAN with the deployment of scalable 5G networks in the competitive North American market. In fact, post the United States’ ban on Huawei, network operators are facing a tough time to rope in alternative equipment vendors for 5G deployments. As a result, it is expected that the latest collaboration will not only strengthen Qualcomm’s diverse portfolio of 5G infrastructure solutions but also augment its footprint in telecom equipment sector where it already plays a significant role as the main supplier of breakthrough software and chipsets. Reportedly, DISH intends to establish its 5G network by 2023. Capitalizing on such indigenous products and technology collaborations, the San Diego, CA-based wireless technology company is focused on three areas — computing, connectivity and electrification. It is reportedly the only chipset vendor with 5G system level solutions covering both sub-6 gigahertz and millimeter wave bands. Also, it is helping customers experience a seamless transition to superfast 5G networks, delivering low-power resilient multi-gigabit connectivity with best-in-class security. Markedly, Qualcomm aims to expand its product portfolio and develop mobile phone chips for the masses. Qualcomm has a long-term earnings growth expectation of 19.6%. Shares of this Zacks Rank #3 (Hold) company have soared 63.2% compared with the industry’s growth of 32.8% in the past year. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Just Released: Zacks’ 7 Best Stocks for Today
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