Qualcomm's quarterly profit plunges

A man walks past Qualcomm stand while attending the Mobile World Congress in Barcelona March 3, 2015. REUTERS/Albert Gea Thomson ReutersA man walks past Qualcomm stand while attending during the Mobile World Congress in Barcelona

Mobile chip maker Qualcomm’s quarterly profit plunged 46 per cent as it lost a key customer and its highly profitable licensing business suffered due to a Chinese government probe into its anti-competitive practices.

Net income attributable to Qualcomm fell to $US1.05 billion, or 63 cents per share in the second quarter ended March 29 from $US1.96 billion, or $US1.14 per share, a year earlier.

Qualcomm, which is facing problems collecting royalties in China, said revenue rose to $US6.89 billion from $US6.37 billion.

The stock was off 2% in early after-hours trading.

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This article originally appeared at Reuters. Copyright 2015. Follow Reuters on Twitter.

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