Apple's Assault on Qualcomm Continues as It Withholds Royalty Payments; No Change to $68 Fair Value
On April 28, Qualcomm announced that it had been notified by Apple that Apple is withholding payments to its contract manufacturers for royalties on devices sold during the recent quarter that ended March 31. Furthermore, Apple indicated it will maintain this behavior until it resolves its dispute with Qualcomm. In turn, Qualcomm reduced its guidance for its fiscal third-quarter to exclude royalty revenue from Apple’s contract manufacturers. Management had discussed this possibility during its e...Qualcomm is engaged in the development and commercialization of foundational technologies for the wireless industry. The company's segments include: Qualcomm CDMA Technologies, which is a developer and supplier of integrated circuits and system software based on code division multiple access, orthogonal frequency division multiple access and other technologies; Qualcomm Technology Licensing, which grants licenses or otherwise provides rights to use portions of its intellectual property portfolio, which, among other rights, include certain patent rights essential to and/or useful in the manufacture and sale of certain wireless products; and Qualcomm Strategic Initiatives, which makes investments.
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