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Qualcomm Misses Earnings Estimates, Slapped With Investigations

Steve Mollenkopf

Qualcomm missed earnings estimates for the fourth quarter by 5 cents and its revenues came below Wall Street expectations by $330 million. Management’s guidance for Q1 was below targets; the company expects earnings per share to be in the range of $1.18 and $1.30, which is shy of analyst targets of $1.43. Revenues are expected to be between $6.6 billion and $7.3 billion, while analysts wanted them to be at $7.39. The stock dropped 5%.

CEO Steve Mollenkopf sounded hopeful, according to Forbes, “We are pleased to report another year of record performance as our 3G/4G multimode and other advanced technologies continue to enable the growth of wireless data around the world, driven by our broad chipset roadmap.”

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However, all over the world might have meant in places other than China, which was the main cause of Qualcomm’s woes this quarter. The company is still in an ongoing dispute over royalties with Chinese customers. In addition, a Chinese regulator is investigating the chipmaker. Mollenkopf said, “We also believe that certain licencees in China are not complying with their contractual obligations to report their sales of licensed products to us.”

However, China is not Qualcomm’s only problem. Management admitted that it is being investigated for regulatory problems in the U.S. and Europe, as reported by SeekingAlpha. In addition to antitrust investigations in China, it is now dealing with a probe over financial incentives of its chip sales.



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