Close
Close

Published

Apple windfall saves Qualcomm from revenue decline amid China woes

Qualcomm blamed weakened Chinese demand for a 13% year-on-year decline in revenues in its fiscal third quarter, and warned that it expects the same pattern to persist into the fourth quarter. The chip giant reported revenues down 13% year-on-year to $4.89bn, excluding a one-time payment from Apple of $4.7bn, resulting from the recent settlement of the companies legal actions. With that payment, fiscal Q3 revenues were $9.6bn, up 73% on the year-ago quarter. And the windfall also helped deliver net profit up 79% to $2.1bn. There are some good signs on the horizon in China, the world’s biggest smartphone market. Qualcomm said its Chinese customers – which include Oppo, OnePlus, Vivo and Xiaomi – are “managing inventory ahead of 5G”.…

Close