Qualcomm's second quarter came in a bit better than expected, but it cut its annual revenue outlook in part because Samsung is moving to its own semiconductors.
The company reported second quarter non-GAAP earnings of $1.40 a share on revenue of $6.9 billion. Wall Street was looking for non-GAAP earnings of $1.33 a share on revenue of $6.82 billion.
Qualcomm's net income for the second quarter was $1.1 billion, or 63 cents a share.
CEO Steve Mollenkopf said he was pleased with the result and the settlement with Chinese regulators that would help the company going forward.
However, Mollenkopf outlined some tough sledding ahead:
While we remain confident in the significant growth opportunities ahead, we are reducing our QCT outlook for fiscal 2015, primarily due to the increased impact of customer share shifts within the premium tier and a decline in our share at a large customer.
That large customer has been identified as Samsung. In addition, Qualcomm is still ironing out how many licensees it will have in China.
Here's how the outlook broke out.