Qualcomm revenues down 19-percent - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Qualcomm revenues down 19-percent

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SAN DIEGO (CNS) - San Diego-based Qualcomm Tuesday reported second-quarter net income of $1.2 billion, or 78 cents per diluted share, compared to $1.1 billion, or 63 cents per diluted share, in the same period last year.

The maker of mobile chip technology said revenues were down 19 percent from the second quarter of 2015, though, to $5.6 billion from $6.9 billion.

The decline was partially attributable to a $975 million charge to resolve an anti-monopoly investigation by the China National Development and Reform Commission, and the merger of two Chinese licensees, according to Qualcomm.

Plunging revenues and profits forced company executives to study a possible reorganization last year, a strategy they eventually decided not to implement.

However, the company laid off around 15 percent of its global workforce, which numbered around 30,000 when the announcement was made last summer.

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