Samsung withdraws from Korea case against Qualcomm after new licensing deal
02 February, 2018, 16:14
The tech giant reported a net loss of $5.95 billion, or $4.03 per share, mostly due to a $6.0 billion charge related to recent United States tax reform. But licensing revenue dropped 28 percent to $1.30 billion, weighed down by a dispute with Apple Inc.
Qualcomm posted a net loss of US$5.95 billion compared to a profit of US$682 million a year earlier, reflecting a US$6 billion one-time charge because of new USA tax laws.
The company forecast second-quarter revenue of $4.8 billion to $5.6 billion and adjusted earnings per share of 65 cents to 75 cents, below analysts' estimates for revenue of $5.58 billion and earnings of 85 cents, according to Thomson Reuters I/B/E/S. Revenue increased to $6.07 billion from $6.0 billion. Wall Street is expecting earnings of 85 cents a share on revenue of $5.58 billion. As the legal battle escalated, reports emerged that Apple was designing its iPhone and iPads for 2018 without any Qualcomm components.
The announcement today underscores the importance of our longstanding strategic relationship with Samsung in driving core mobile technology into many different segments. "Also, Qualcomm's case against Apple's contract manufacturers for breach of their license agreements continues to move toward resolution in the same timeframe, as does Qualcomm's case against Apple for improperly interfering with those license agreements", Mollenkopf said.
Revenue at the QCT business rose 13 percent to US$4.65 billion. Qualcomm projects MSM chip shipments at between 170 million to 190 million in Q2, compared to shipments of 179 million in the year-ago quarter. As part of the agreement, Samsung will withdraw its interventions in Qualcomm's appeal of the KFTC decision in the Seoul High Court.
Executive vice president and head of mobile R&D of Samsung Electronics commented, "We value our Strategic relationship with Qualcomm Technologies, and look forward to Working together to deliver technologies in the years ahead". Most recently, Broadcom has focused on wooing Qualcomm investors directly in the hopes of swaying opinions and opening communication to make the merger a reality.
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