Qualcomm posted quarterly earnings on Wednesday, noting a precipitous 89.7 percent decline in profits as the chipmaker faces a huge $778 million fine from Taiwanese regulators and an ongoing legal scrum with Apple. For its just ended fourth fiscal quarter, Qualcomm posted net income of $168 million, down from $1.6 billion in 2016, reports Reuters. Earnings per share came out to pegged at 92 cents, while revenue sat at $5.91 billion. The performance beat Wall Street estimates, bumping company stock in after hours trading. Though Qualcomm beat the Street, it noted earnings “were negatively impacted as a result of actions taken by Apple and its contract manufacturers.”Qualcomm is embroiled in an intensifying legal battle with Apple, which now spans multiple jurisdictions around the world. Apple has continued to withhold patent licensing fees attributable to iPhone and iPad as the two companies duke it out in court.
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