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Qualcomm Enjoys Healthy Quarter but Admits Actions taken by Apple and Suppliers were a drag on the Quarter

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On Tuesday morning we reported Apple is reportedly set to design 2018 iDevices without Qualcomm modems and by the afternoon Wall Street was already dinging Qualcomm's stock price for such a scenario.

 

Today CNBC reports that Qualcomm beat expectations on earnings per share and revenue but admitted that its quarterly results "were negatively impacted as a result of actions taken by Apple and its contract manufacturers."

 

Donald Rosenberg, Qualcomm's general counsel, said during a conference call Wednesday that patent disputes with Apple in Germany and China could be resolved by mid to late 2018, but other cases could drag on for the foreseeable future.

 

While Qualcomm shares have been down more than 18% year to date, after the conference call the price of the stock has rebounded from yesterday's ding by gaining 4.8% (will fluctuate). The price is at $53.46/share vs. yesterday's price of $50.76/share.

 

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