What happened with Qualcomm this quarter?
Despite the litigation worries, revenue in the Qualcomm Technology Licensing business rose about 5 percent to $2.25 billion, ahead of the analysts' estimate of $2.24 billion, according to research firm FactSet StreetAccount. Segment operating income rose 179% to $475 million.
Revenue fell to $5.02 billion from $5.55 billion. Apple also claims Qualcomm is withholding almost $1 billion in royalty "rebates" because Apple cooperated with regulators.
Qualcomm's non-GAAP revenue excludes a almost $1 billion reduction of revenue related to an arbitration agreement with BlackBerry.
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Earlier this month, Qualcomm extended a deadline for its $110 per share tender offer for NXP Semiconductors (NXPI) to May 2 from April 4.
The San Diego-based chipmaker reported Q2 earnings per share (EPS) of $1.34, which was $0.14 better than the Wall Street consensus estimate of $1.20.
Non-GAAP EPS is expected in the range of $0.90 to $1.15, compared with $1.16 during the prior-year period.
It is not clear whether Apple's contract manufacturers will underpay royalties owed under their contracts with us in the third quarter of fiscal 2017, which could have a negative impact on our financial results. Qualcomm blamed uncertainty over whether this underpayment would continue during the third quarter for its unusually wide guidance range.
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The top risk for Qualcomm right now is court filings from the ongoing Apple patent lawsuit that show original equipment manufacturers associated with Apple are withholding some royalty payments, JPMorgan analyst Rod Hall wrote in a note on Monday. "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".
Among them is that some of Apple's contract manufacturers - which are the entities that license Qualcomm's patents - had stopping making royalty payments because they were no longer being reimbursed by Apple for Qualcomm royalties.
Potential downsides for Qualcomm going into today's earnings include both the FTC and Apple suing the company for anti-competitive behavior. These legal actions will take time to play out, but some negative side effects are already being felt.
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