South Korean courtroom upholds $873mn tremendous towards US chip large Qualcomm

SEOUL: A South Korean courtroom on Wednesday upheld a report $873 million tremendous towards US chip large Qualcomm (QCOM.O) for unfair enterprise practices associated to patent licensing and modem chip gross sales.

Seoul Excessive Court docket Decide Noh Tae-ak rejected the corporate’s attraction towards the penalty imposed by the Korea Truthful Commerce Fee (KFTC) in 2016 saying Qualcomm had abused its dominant market place.

The courtroom nevertheless stated the regulator’s claims that Qualcomm had deprived smartphone makers by signing “complete” licensing offers lacked proof, opening the door for the corporate to proceed such practices.

It was not instantly clear whether or not both facet would attraction to the Supreme Court docket.

Qualcomm, the world’s largest provider of cell phone chips, derives most of its income from a enterprise phase that invents applied sciences and licenses them.

The corporate forecast between $1.three billion and $1.5 billion in income for that phase for its fiscal first quarter, above analyst expectations of $1.23 billion, in accordance with IBES information from Refinitiv.

Qualcomm is a prime chip provider to South Korean smartphone makers Samsung Electronics (005930.KS) and LG Electronics (066570.KS), in addition to to Apple Inc (AAPL.O).

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