Qualcomm’s market value plummeted last night after state newspaper, The China Daily, declared that Qualcomm is monopolizing the Chinese mobile chip market- an offense punishable by confiscating up to 10 percent of the company’s annual revenue.
Qualcomm dropped 6.7 points on Nasdaq yesterday, part of which is being blamed on the company’s precarious current situation in China. Qualcomm’s 12 billion USD in China sales made up half of its annual revenue last year- a 10 percent fine would seriously knock the company for six.
The CEO of Qualcomm was in Beijing yesterday to announce a new 150 million USD investment in start ups. He declined to comment on the China Daily article.
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Keywords: Qualcomm Faces Fines in China
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Foreign companies still are too greedy to receive the message, "GET THE FUCK OUT OF CHINA'.
Jul 26, 2014 08:10 Report Abuse
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