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Qualcomm Revenues Lag Amid Apple Dispute

After warning in late April that its third-quarter financial results might lag because of disputes with customers, Qualcomm Inc. turned in net income of $900 million, or 58 cents per share, on $5.4 billion in revenue.

Excluding one-time items, Qualcomm (Nasdaq: QCOM) earned 83 cents per share.

The San Diego business released its financial results after the market closed on July 19.

Qualcomm attributed its showing to better-than-expected results in its semiconductor business. The other side of the business — technology licensing — is tied up in litigation.

Qualcomm also reiterated it was on track to close its acquisition of NXP Semiconductors N.V. by the end of the calendar year, and said it believes it holds the high ground in its dispute with Apple Inc. (Nasdaq: AAPL).

Qualcomm originally told shareholders to expect earnings of 67 cents to 92 cents per share on revenue of $5.3 billion to $6.1 billion.

In April, it revised its guidance downward, forecasting earnings of 52 cents to 62 cents per share on revenue of $4.8 billion to $5.6 billion.

Looking ahead to the fourth quarter, Qualcomm said it expected earnings, less one-time items, of 75 cents to 85 cents per share. Revenue should be in the range of $5.4 billion to $6.2 billion, the company said.

In another development July 18, four companies that assemble Apple Inc. phones and tablet computers filed suit against Qualcomm in federal court in San Diego. Among other things, the new suit alleges that Qualcomm violated the Sherman Antitrust Act.

Qualcomm sued the four iPhone manufacturers in May, alleging they breached their license agreements and refused to pay for use of Qualcomm’s licensed technologies.

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