Qualcomm Trims Financial Guidance

Qualcomm trimmed its revenue outlook for the second half of the fiscal year saying a major customer will likely not use its Snapdragon 810 processor for its flagship smartphone.

"We delivered a strong quarter, achieving record quarterly revenues and Non-GAAP operating income, and we also are very pleased to have resolved our previously disclosed dispute with a licensee in China," said Steve Mollenkopf, CEO of Qualcomm. "Looking ahead, we have lowered our revenue outlook for our semiconductor business for the second half of the fiscal year and lowered our EPS expectations. These changes reflect our revised expectations related to OEM mix, sales to a large customer and heightened competition in China."

The company posted revenues and $7.1 billion and GAAP EPS $1.17 for Q1 of its fiscal 2015. Qualcomm also said it resolved a previously disclosed dispute with a licensee in China.

https://www.qualcomm.com/news/releases/2015/01/28/qualcomm-announces-first-quarter-fiscal-2015-results