Qualcomm Profit Curbed by China Inquiry, Faces New Probes
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Qualcomm Inc. shares fell 8.6 percent after the chipmaker said sales and profit in 2015 will be hurt by the fallout from a Chinese government probe and disclosed new regulatory investigations in the U.S. and Europe.
The company, the largest maker of smartphone chips, said the U.S. Federal Trade Commission and European Commission are conducting inquiries related to its licensing and chip businesses. The probes, announced in a filing yesterday, follow a previously disclosed investigation by China’s antitrust regulator into Qualcomm’s business practices.