Qualcomm misses revenue estimates, defends licensing model
27 January, 2017, 00:59 | Author: Abraham Jackson
Apple alleges that Qualcomm overcharged it for chips and refused to pay rebates worth $1 billion because the smartphone maker was engaged in discussions with Korea Fair Trade Commission (KFTC) in another legal proceeding against Qualcomm. In December, Korean regulators hit Qualcomm with a $850 million fine over its patent-licensing practices.
Apple feels Qualcomm has been abusing its market power for years.
However, Qualcomm has consistently insisted that such filings from Apple's Chinese subsidiaries are all part of the Cupertino company's efforts to pay less royalties for implementing the chip maker's hardware components.
Sales of $6.0 billion (-3% q/q) were below Pacific Crest's estimate of $6.1 billion (-1% q/q), driven by lower QUALCOMM, Inc.'s (NASDAQ:QCOM) QCT sales (share loss at Apple), partially offset by higher QTL sales (driven by favorable unit sales trends in China and catch-up payments). The company has reported Q1 fiscal 2017 revenues of $6 billion, GAAP EPS $0.46 and Non-GAAP EPS $1.19.
Aberle said that Qualcomm did no such thing, and the company objected to Apple making false and misleading statements.
The lawsuits come soon after U.S. regulators sued Qualcomm, alleging that the firm was guilty of market abuse. But that hasn't changed Qualcomm's business stand with Apple.
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Revenue in the licensing business (Qualcomm Technology Licensing (QTL)), which sells sells applications processors and cellular baseband devices, grew 13% year over year to $1.8 billion, while QCT revenue, which exists to monetize Qualcomm vast IP portfolio, came in at $4.1 billion.
Qualcomm has responded to the new lawsuit through a press release. "I'm confident we'll address and get through the legal challenges underway, as we have done many times in the past", he said. Excluding certain items, profit was $1.19 a share, compared with an average estimate of $1.18.
For the second quarter of FY 17, QCOM expects the revenue of $5.6 billion and expected to be in the range of $5.5 billion to $6.3 billion, which is a decrease of 1% to increase by 13%.
The Apple tactic appears to be created to force Qualcomm to reduce its already discounted pricing by jumping on the bandwagon of anti-trust actions in the United States and Korea.
The chip supplier added it "is prepared to defend its business model anywhere in the world".
"Qualcomm built its business on older, legacy, standards but reinforces its dominance through exclusionary tactics and excessive royalties". "Apple has intentionally mischaracterized our agreements and negotiations, as well as the enormity and value of the technology we have invented, contributed. and shared with all mobile device makers through our licensing program". Currently, Qualcomm's royalties are based off the selling price of a phone, rather than what portion Qualcomm's technology enabled.
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