Qualcomm Booking $4.5B in Apple Deal
Windfall comes amid continuing smartphone weakness in China
May 1, 2019
SAN JOSE, Calif. – Qualcomm will book a whopping $4.5-$4.7 billion in third quarter revenues as part of the litigation settlement it struck with Apple in mid-April. The funds include both past due patent royalties Apple will pay and Qualcomm’s release from obligations to the iPhone designer and its contract manufacturers.
The windfall will more than double third quarter revenues for the mobile chip giant amid a smartphone market where it sees continued weakness.
Qualcomm executives did not say how it will use the funds. In a quarterly conference call, they pointed to an on-going share buy-back program and a roughly $300 million increase in employee bonuses.
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