Qualcomm Posts Loss as Revenue Slips
07 Novembre 2018 - 11:41PM
Dow Jones News
By Micah Maidenberg
Qualcomm Inc. swung to a loss in its latest quarter, as sales in
the company's unit that develops mobile modem technology were flat
and its licensing business continued to be hurt by a continuing
fight with Apple Inc.
San Diego-based Qualcomm on Wednesday posted a loss of $493
million, or 35 cents a share, compared with a profit of $168
million, 11 cents a share, in the year-earlier period. Qualcomm
also struggled with expenses in the most recent quarter, as total
costs rose 16% to $6.46 billion.
On an adjusted basis, Qualcomm reported profit of 90 cents a
share, surpassing the 83 cents a share expected by analysts polled
by FactSet.
Qualcomm booked $5.8 billion in revenue for the quarter, off 2%
from a year earlier. Analysts had expected $5.53 billion.
The company booked $4.65 billion in sales in its segment that
creates chip sets used in mobile devices, roughly flat from last
year. Earnings before taxes in the business fell 18% to $796
million, according to the company. Qualcomm said mobile modem
shipments rose 5%, however.
In its licensing segment, sales fell 6% to $1.14 billion and
earnings before taxes dropped 11% to $739 million. Qualcomm didn't
record any licensing revenue in the quarter from Apple, which is
withholding royalty payments from Qualcomm in a dispute over the
company's licensing practices.
Qualcomm has accused Apple of transferring its intellectual
property to Intel Corp., which is supplying chips for new-model
iPhones.
Meanwhile, earlier this week, a federal judge ruled that
Qualcomm must license some of its patents to rival chip suppliers
in an antitrust suit brought by the Federal Trade Commission.
Shares in Qualcomm were down 3.5% in after-hours trading. The
company's stock closed down 0.7% earlier Wednesday.
For the current quarter -- the first in the company's new fiscal
year -- Qualcomm forecast revenue between $4.5 billion and $5.3
billion, and per-share earnings between 78 cents and 88 cents.
Adjusted earnings are expected to be between $1.05 a share and
$1.15 a share, ahead of the consensus forecast from analysts of 94
cents a share.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
November 07, 2018 17:26 ET (22:26 GMT)
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