Wednesday, May 1, 2019

Qualcomm's revenue dips, Apple settlement to bring $4.5 billion

Qualcomm reported revenue of $5.0 billion for its fiscal second quarter ended March 31, 2019, down from $5.2 billion for the same period last year. Net income was $0.9 billion, down 19% from the $1.2 billion last year.

Qualcomm said its recent settlement with Apple should result in estimated revenues of $4.5 billion to $4.7 billion, consisting of a payment from Apple and the release of
obligations to pay or refund Apple and the contract manufacturers certain customer-related liabilities.

“We delivered a better than expected quarter with earnings per share above the high end of our estimates, reflecting stronger QTL results and solid execution in QCT,” said Steve Mollenkopf, CEO of Qualcomm Incorporated. “We are also pleased to have reached multi-year agreements with Apple and look forward to continuing to support them as a customer. We are executing well on our strategic priorities as 5G commercial launches begin around the world. "