Qualcomm reports quarterly loss on $6 billion tax charge


(Reuters) – Qualcomm Inc (QCOM.O) on Wednesday reported a loss for the first fiscal quarter as the chipmaker took a $6 billion one-time charge because of new U.S. tax laws.

Net loss attributable to Qualcomm was $5.95 billion or $4.03 per share in the quarter ended Dec. 24, compared to a profit of $682 million or 46 cents per share, a year earlier.

Revenue rose 1.2 percent to $6.07 billion.

The results come as Qualcomm tries to fend off a $103 billion takeover bid by Broadcom (AVGO.O) and close its long-pending deal to buy automotive chip maker NXP Semiconductors (NXPI.O).

Reporting by Sonam Rai in Bengaluru; Editing by Sai Sachin Ravikumar

Facebook Comments

Comments are closed.