Qualcomm CEO Steve Mollenkopf says 5G represents the single biggest opportunity in Qualcomm’s history. And to that end, the 34-year-old company already appears to have some wind in its sails.

Revenues were down 17% year over year during the company’s fiscal 2019 fourth quarter, but it beat Wall Street’s expectations and sent company stock up 7%. Qualcomm banked $506 million in net income on $4.81 billion in revenue during the quarter.

The company is hinging its future performance on 5G, and highlighted areas of momentum that it expects to fuel growth. Mollenkopf told analysts that the company is actively working with standards bodies to define forthcoming advancements in 5G and positioning itself to support the expansion of 5G into enterprise, industrial IoT, and automotive markets.

“The complexity and expansion of cellular technologies beyond the smartphone into nearly every industry play directly to Qualcomm’s strengths and are why we believe 5G will represent the single biggest opportunity in Qualcomm’s history,” he said during an earnings call, according to a Seeking Alpha transcript.

“There are now 40 [original equipment manufacturers] and over 30 operators launching or announcing 5G products or commercial service, up from approximately 20 OEMs and operators respectively at the start of the year,” Mollenkopf said.

“We expect 5G to launch in all regions within the next two years to three years,” he said. “We further estimate by the end of 2020, 5G base station deployments will increase to approximately 1 million which, to put in context, is 10 times the scale of the entire network of a large U.S. operator.”

Akash Palkhiwala, who was formally appointed as EVP and CFO prior to the earnings release, said the company estimates 175 million to 225 million 5G devices to ship in 2020. Qualcomm anticipates a rise in revenue as 5G handsets proliferate because the majority of devices to date are shipping with Qualcomm’s Snapdragon silicon. The company also holds important patents that manufacturers need to license for 5G.

Qualcomm Chairman Cristiano Amon said the company is being conservative in its financial guidance for 5G based on existing market conditions, but noted there are multiple trends that could bolster the company’s position. “If you believe that there is a pent-up demand for 5G devices and it’s kind of consistent with other transitions, you could have a change in replacement rates and that’s going to drive a bigger market. Bigger market is even better news for Qualcomm,” he said during the earnings call.

“You should expect as we get into the second half of ‘20 then we’re going to see the addition of Apple volumes … and you should think about really a 5G ramp for Qualcomm in 2020,” he said. Apple is expected to release in first 5G capable smartphone in the fall of 2020.

During a 5G focused event in September, John Smee, VP of engineering at Qualcomm, noted that the company’s vision for 5G is “much more all encompassing” than what the first wave of 5G launches are delivering today. The company also claims its approach to cloud computing, artificial intelligence, and mobile edge computing, stands apart from other technology companies because it is focusing on deep neural networks and deep learning for low power devices.

Qualcomm also released a study it commissioned IHS Markit to conduct that concluded 5G will generate $13.2 trillion in global sales activity by 2035. That figure was revised upwards by $1 trillion from the original forecast released in 2017.

The firm also projects 5G will support 22.3 million jobs in 2035, marking a 340% increase in the level of economic output the industry supports today. Moreover, the global 5G value chain will invest a combined $235 billion annually in 5G technologies, according to the report. The United States is projected to take a slight lead on those investments, capturing 27% of average annual investment, followed closely by China at 26%.

“Like electricity and the steam engine before it, IHS Markit views 5G as a catalyst that will thrust mobile technology into the exclusive realm of general-purpose technology,” said Bob Flanagan, economics consulting director at the firm, in a prepared statement.