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Patent Suits Hit Q'comm Profits
Foxconn in the middle of Apple suit
Rick Merritt, EETimes, Jan. 25, 2017 – SAN JOSE, Calif. - Qualcomm's latest quarterly earnings showed first blood in a set of five court actions now alleging its patent licensing terms are unfair. Wall Street analysts fear it could be just the beginning of financial hits in disputes Qualcomm said are driven by Apple.
The company reported $700 million in quarterly profits, a 54% decline year-over-year based on GAAP measures. Under the accounting principles, Qualcomm must take nearly a billion dollars off its bottom line to account for a fine it will dispute from the Korea Fair Trade Commission in one of the cases.
Under non-GAAP rules, Qualcomm reported a 21% year-over year rise in its quarterly profits to $1.8 billion. The company had quarterly revenues of $6 billion, up 4% year-over-year. It forecasts 7% revenue growth next quarter based on moderating declines in average selling prices in smartphones.
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