Best Idea Qualcomm remains compelling after mixed second-quarter results; no change to $68 FVE.
Qualcomm reported solid fiscal second-quarter results despite a host of ongoing legal challenges related to its licensing business, or QTL. Three primary issues plagued the segment during the quarter, including a $974 million reduction in revenue related to the BlackBerry arbitration decision, $1 billion in royalty underpayment by Apple suppliers, and $150 million in withheld royalties from a non-Apple licensee. Management spent the majority of its conference call with analysts explaining the pu...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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