Qualcomm reported quarterly revenue of $9.6 billion, including licensing revenues of $4.7 billion resulting from the settlement with Apple and its contract manufacturers, consisting of a payment from Apple and the release of certain of our obligations to pay Apple and its contract manufacturers customer-related liabilities.
The company said it is seeing slower demand for 4G devices as the market prepares for the global transition to 5G. In addition, Qualcomm cited continued weakness in China demand as Huawei gains share inside China and Qualcomm’s other Chinese OEMs manage inventory ahead of 5G.
Qualcomm CEO stated: CEO, Steve Mollenkopf during the call:
“By the first calendar quarter of 2020, we anticipate reaching the inflection point as our financial results begin to reflect the benefits of our substantial efforts over the years in to bring 5G to the market worldwide.”