MarketWatch First Take: Qualcomm’s issues go beyond Apple fight

Qualcomm Inc.’s earnings were marred Wednesday by its complex legal fight with Apple Inc., but the communications chip designer has other issues as well.

The good news was that its third quarter showed that its underlying chip business fared better than investors had expected. Qualcomm QCOM, +0.87% said that revenue in its QCT (Qualcomm CDMA Technologies) business was up 5% to $4.0 billion. In contrast, its licensing business, which is fighting with Apple AAPL, +0.63% and another unnamed customer over royalty rates, received no payments from Apple, its contract manufacturers and the other unnamed licensee. Its QTL (Qualcomm Technology Licensing) business fell 42% to $1.2 billion in the quarter.

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