Qualcomm beat earnings and revenue estimates
Qualcomm generated revenue of ~$6 billion against Wall Street expectations of $5.8 billion. Revenue fell 4.5% from the same quarter last year. It reported net income of $168 million, a 90% fall from $1.6 billion in the same quarter last year.
Net income fell, most likely because the company was fined almost $780 million by Taiwan regulatory agencies for anti-trust violations. The company also continues to grapple with Apple’s lawsuit, which may dent the company’s earnings further in the coming quarters.
Android makers still use Qualcomm chips
Qualcomm’s modems for smartphones are the fastest, while Intel is trying to catch up. Smartphone makers Samsung (SSNLF), Xiaomi, and LG still use Qualcomm chips.
The company’s chips are also being used in automobiles and Internet of Things. The company said revenue from segments other than smartphones was more than $3 billion in fiscal 2017, a 25% rise from the previous fiscal year.