San Diego-based Qualcomm Wednesday reported second quarter net income of $749 million, or 50 cents per diluted share, compared to $1.16 billion, or 78 cents per diluted share, in the same period last year.
The decline stemmed in large part from a recent decision by an arbitrator to award $974 million from Qualcomm to BlackBerry to settle a dispute over royalties, according to Qualcomm, which supplies technology for mobile devices.
The result of the decision was a $535 million plunge in revenue compared to the 2016 second quarter.
For the first half of the company’s fiscal year, net income was $1.4 billion, or 96 cents per diluted share, compared to $2.66 billion, or $1.77 per diluted share, in the first six months of last year.
“We will continue to protect the value of our technologies, which enables today’s robust mobile communications ecosystem, and invest in R&D that will drive the leading edge of mobile computing and connectivity for decades to come — focusing on areas where our technologies will have the most impact and generate the best returns,” said CEO Steve Mollenkopf.
“With our leading technology roadmap and pending acquisition of NXP, we are positioned to address a larger set of opportunities ahead than any other time in our history,” he said, referencing the purchase of a semiconductor firm based in The Netherlands.
–City News Service
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