Qualcomm Announces 11% Profit in Q2 2016

The leading US chip-set maker Qualcomm has reported a 10.5% increase in the net income of its fiscal Q2. The profit has raised to double-digit despite fall in the chip-set Shipments. The company announced results for its fiscal second quarter ended March 27, 2016.

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Source: Qualcomm

Qualcomm Announces 11% Profit in Q2 2016

“Our fiscal second quarter results were driven by stronger than expected performance across our chipset and licensing businesses. We are pleased with our continued progress in the licensing business, including the recent conclusion of new license agreements in China and the resolution of our dispute with LG Electronics. We are continuing to build momentum into the second half of our fiscal 2016 with traction for our Snapdragon processors in the premium and high tiers and strong execution of our strategic realignment plan.”

Said Steve Mollenkopf, CEO of Qualcomm Incorporated.

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Source: Qualcomm

Its net income during the quarter rose to $1.16 billion, with overall revenue dropping 19.5% to $5.55 billion. Its chip division saw revenue fall 25 per cent, while revenue from its licensing unit declined 12 per cent.

Qualcomm expects chip shipments to fall 13-22% to 175-195 million units, with 3G and 4G device shipments forecast to increase 8 per cent in Q3, which is down from its previous estimate of about 10 per cent.

Qualcomm CEO Steve Mollenkopf also said that:

“We are continuing to build momentum into the second half of our fiscal 2016 with traction for our Snapdragon processors in the premium and high tiers and strong execution of our strategic realignment plan. We’ve continued to make gains on the licensing side in China and this continues to be positive for the company.”

Qualcomm recently also said it has resolved its dispute over licensing with LG last quarter and will be able to book about $200 million in revenue in its fiscal Q3 that was previously withheld.

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