Chipmaker Qualcomm's revenue, adjusted profit beat estimates

Qualcomm forecast current-quarter adjusted profit of $0.90-$1.15 per share and revenue of $5.3 billion-$6.1 billion.

"The first quarter was a strong start to the year with accelerating growth in active buyers, revenue and our core US business", eBay President and Chief Executive Officer Devin Wenig said in a statement.

Total reported sales of licensed devices increased by 18% year over year to $82.6 billion. Segment operating income rose 179% to $475 million. Net income fell from $1.2 billion last year to $700 million this year.

The quarter included a $974 million reduction to revenue, or 48 cents per share, related to the BlackBerry arbitration decision, Qualcomm said on Wednesday.

Qualcomm also noted that it expects its acquisition of NXP Semiconductor to close by the end of 2017.

"Given our work showing that Apple royalties may represent close to 30% of earnings at QCOM, we believe this could result in materially weaker EPS guidance for FQ3 than we or the Street are forecasting", he explained.

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MSM chip shipments are expected between 180 million and 200 million, down 10% to flat year over year. Apple is now suing Qualcomm for charging excessive royalties and withholding payments.

Qualcomm published second quarter financials Wednesday that topped estimates but warned that its looming legal battle with Apple could affect its outlook. "Our performance reflects continued execution of our strategy to lead the mobile industry across a broad set of technologies, including advanced LTE and 5G, and accelerate our growth opportunities beyond mobile into automotive, IoT, security and networking".

However, Qualcomm Chief Executive Steve Mollenkopf said on a post-earnings call that the company expected to continue to be an "important supplier to Apple now and into the future".

Apple claims that Qualcomm "reinforces its dominance" through exclusionary tactics and high patent licensing fees, charging Apple "at least five times more" in payments than other cellular patent licensors.

Shares of Qualcomm were down 0.5% to $52.41 on Wednesday afternoon and are off almost 20% year to date. It's not a done deal yet, but Qualcomm remains confident that any hurdles will be overcome.

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