Qualcomm to pay record $975 million in China antitrust case
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We will now focus our full attention and resources on supporting our customers and partners in China.
Steve Mollenkopf, CEO
"Although Qualcomm is disappointed with the results of the investigation, it is pleased that the NDRC (National Development and Reform Commission) has reviewed and approved the company's rectification plan," the company said in a statement.
The biggest supplier of chips used in smartphones, will now charge royalties based on 65% of the selling price of phones in China, instead of on the entire price. The company made about half its global revenue of $26.5bn in China in its last fiscal year.
Chief executive Steve Mollenkopf said he was pleased the resolution had removed "uncertainty" surroundings its business in China.
"We will now focus our full attention and resources on supporting our customers and partners in China and pursuing the many opportunities ahead," he said. ■