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QUALCOMM (QCOM)
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Qualcomm : loses appeal against EU threat of daily fine

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07/17/2017 | 05:19pm CEST
A Qualcomm sign is pictured at one of its many campus buildings in San Diego

U.S. chipmaker Qualcomm faces the threat of a daily fine of 580,000 euros ($665,000) for failing to provide EU antitrust regulators with information after losing an appeal against the penalty in a European Union court on Monday.

Qualcomm, which was charged by the European Commission for using anti-competitive methods to squeeze out British phone software maker Icera, last month asked the Luxembourg-based General Court to suspend the order.

The Commission welcomed the court verdict, while Qualcomm declined to comment.

The company said the EU competition authority's demand entailed enormous work and significant financial costs estimated at no less than 3 million euros as it involved more than 50 employees and 16 external advisers, according to its court filing.

Court President Marc Jaeger dismissed the appeal in a July 12 ruling.

"The applicant does not claim that its financial viability would be at risk or that its market share could be affected substantially," he said.

"Furthermore, it does not give any explanation as to why it would be impossible to seek compensation for the alleged financial costs it would suffer by answering the questions."

Qualcomm faces a second EU antitrust charge of making illegal payments to a major customer for exclusively using its chipsets since 2011.

It could be fined as much as 10 percent of its global turnover for each case, if found guilty of breaking EU rules.

($1 = 0.8724 euros)

(Reporting by Foo Yun Chee; editing by Pritha Sarkar and Alexander Smith)

By Foo Yun Chee

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Financials ($)
Sales 2017 23 116 M
EBIT 2017 6 585 M
Net income 2017 3 385 M
Finance 2017 3 896 M
Yield 2017 4,25%
P/E ratio 2017 21,33
P/E ratio 2018 18,10
EV / Sales 2017 3,13x
EV / Sales 2018 3,01x
Capitalization 76 195 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 59,5 $
Spread / Average Target 15%
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Managers
NameTitle
Steven M. Mollenkopf Chief Executive Officer & Director
Derek K. Aberle President
Paul E. Jacobs Executive Chairman
George S. Davis CFO, Principal Accounting Officer & Executive VP
James H. Thompson Chief Technology Officer
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