The outfit didn’t give any exact numbers or forecast for the upcoming quarter but admitted that the Note 7 cancelation might create a momentary hole in the market which Qualcomm can't fill.

Qualcomm’s executive vice President Cristiano Amon said that a lot of different OEMs could fill the market gap. Most of the Note 7 customers will still buy Android phones, and  in the ultra-high end market Qualcomm still rules supreme. .

The Note 7 cancelation might even boost Qualcomm’s numbers as most of these phones were powered by Exynos 8890 SoC. Samsung is the only company using this chip, there will be fewer companies using anything else than Qualcomm Snapdragon 820 / 821 devices.

Apple might get a few customers out of it, but it is not expected that the numbers will be that high. Once people have seen that there are better and cheaper phones out there, they don’t go to Apple. There are plenty of good alternatives to Note 7 in the Android ecosystem.

The bottom line is that Qualcomm feels well positioned in any of those Note 7 impact scenarios, and the company comprehended some impact of that in the first quarter guide. All things considered Note 7 will create a disruption, but it will not be terrible.

Samsung itself is the biggest loser from this one, as they lost their own Exynos SoC market share and had their brand badly bruised.