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Qualcomm Sees Earnings Drop, Cuts Full-Year Forecast

Posted by Susan Hall Nov 5, 2009 10:48:48 AM

Wireless chip supplier Qualcomm has forecast weaker-than-expected full-year results, but said it has extended its license agreement with Samsung to cover both 3G and 4G technology.

 

Chief Financial Officer Bill Keitel told Reuters:

Competition is very intense and we expect the level of competitiveness to edge up.

It reported a decline in revenue of 9 percent in the most recent quarter, reports MarketWatch. Net income was $803 million, or 48 cents a share, compared with $878 million, or 52 cents a share, in the period a year ago. Revenue declined 19 percent to $2.69 billion.

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