US chip-maker Qualcomm (QCOM.NASDAQ) said on Monday that it would pay a record US$975 million fine for violating China’s antitrust law and offer licenses for communications systems which enable high-speed wireless data to smartphones at a substantial discount to its prices in other countries, The New York Times reported, citing a statement from the company. “We have made adjustments to our practices,” Steve Mollenkopf, Qualcomm’s chief executive, said in a statement. “This positions our business to take advantage of the large growth in China.” The fine will knock 58 cents a share from the firm’s yearly earnings.
Qualcomm to pay record $975m fine for violating China antitrust law
US chip-maker Qualcomm (QCOM.NASDAQ) said on Monday that it would pay a record US$975 million fine for violating China’s antitrust law and offer licenses for communications systems which enable high-speed wireless data to smartphones at a substantial discount to its prices in other countries, The New York Times reported, citing a statement from the company. “We […]