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CORRECTED - Chipmaker Qualcomm's revenue falls 9.6 percent

21 April 2017, 02:55 | Bernard Bryant

CORRECTED - Chipmaker Qualcomm's revenue falls 9.6 percent

CORRECTED - Chipmaker Qualcomm's revenue falls 9.6 percent

What happened with Qualcomm this quarter?

"The first quarter was a strong start to the year with accelerating growth in active buyers, revenue and our core USA business", eBay President and Chief Executive Officer Devin Wenig said in a statement.

"For what it's worth, we believe Apple could account for as much as a third of Qualcomm's royalty business, likely $2 billion-plus annually", said Bernstein Research Analyst Stacy Rasgon in a report titled "Can a bad apple really spoil the barrel?" QCT revenues rose to $3.7 billion on 179 million MSM chip shipments.

Revenue in the three months ended in March rose 8%, year over year, to $6 billion, yielding EPS of $1.34, non-GAAP. Segment operating margin jumped 5% to $1.96 billion.

Qualcomm's non-GAAP revenue excludes a almost $1 billion reduction of revenue related to an arbitration agreement with BlackBerry.

Qualcomm still expects its acquisition of NXP Semiconductors to close by the end of 2017. But it could become somewhat clearer when the San Diego wireless giant reports licensing revenue for the quarter ending in March and forecasts what it expects for the current quarter ending June 30.

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Non-GAAP EPS is expected in the range of $0.90 to $1.15, compared with $1.16 during the prior-year period. Adjusted net income totaled $2 billion compared with $700 million in GAAP net income.

The company warned on Wednesday that it was unclear whether Apple's contract manufacturers would underpay royalties owed in the third quarter.

Qualcomm fired back at the iPhone maker last week, saying Apple had breached agreements with the firm. "Our performance reflects continued execution of our strategy to lead the mobile industry across a broad set of technologies, including advanced LTE and 5G, and accelerate our growth opportunities beyond mobile into automotive, IoT, security and networking".

Apple claims that Qualcomm "reinforces its dominance" through exclusionary tactics and high patent licensing fees, charging Apple "at least five times more" in payments than other cellular patent licensors.

In the long run, Arcuri said Qualcomm "appears to have a strong case, and Apple's record in winning similar litigation is poor".



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