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Qualcomm shares slip after earnings

Qualcomm is confident it has the upper hand in its legal battle with Apple, which began with a $1 billion royalty dispute in January.

The San Diego-based company revealed its optimism in its third-quarter earnings report on Wednesday.

"We believe that we hold the high ground with regard to the dispute with Apple, and we have initiated new actions to protect the well-established value of our technologies," Qualcomm CEO Steve Mollenkopf said in a statement.

  • EPS: 83 cents per share vs 81 cents per share expected by a Thomson Reuters consensus estimate.
  • Revenue: $5.3 billion vs $5.26 billion expected by a Thomson Reuters consensus estimate.

In the year ago quarter, Qualcomm reported earnings of $1.16 a share on $6.04 billion in revenue.

Revenue declined 12 percent year-over-year. Shares...