Q3'15 Earnings Review: Qualcomm Focuses On Medium Term Issues & Long Term Growth Prospects

Qualcomm's top line has grown at a CAGR of over 20% in the last five years. However, the rising competition (from HiSilicon, Intel, MediaTek, Marvell, Samsung and others), the exclusion of its application processor from Samsung's new Galaxy S6 smartphone, as well as the regulatory investigations in China, the U.S. and Europe, have all slowed the company's growth momentum in the last few quarters. Qualcomm paid $975 million earlier this year to settle the regulatory investigation by China?s Natio...