'The smartphone market sucks,' one analyst says in describing the issues Qualcomm still faces.
Two weeks ago, investors cheered when Qualcomm Inc. and Apple Inc. settled their patent and royalty mega-feud just as a trial was starting.
Qualcomm said Wednesday that it expects the Apple deal to contribute about $4.5 billion to $4.7 billion in revenue in the third quarter, but admitted that without that windfall, adjusted earnings are expected to be just 70 cents to 80 cents a share for the third quarter. So while the company’s patent and royalty licensing business is seeing a boost from the Apple deal, its core communications chip business is not getting any better.
“The rest of the fiscal year will be impacted by a slower market for devices, particularly in China, upstream of the larger rollouts of 5G worldwide,” Qualcomm Chief Executive Steven Mollenkopf said in his opening comments. There was euphoria that the Apple cloud is no longer hanging over Qualcomm. Now that party is over, and investors have to deal with the hangover that is Qualcomm’s core business.
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