Qualcomm profit sinks nearly 90 percent

(Reuters) - Smartphone chipmaker Qualcomm Inc reported a 89.5 percent slump in quarterly profit on Wednesday as the company’s ongoing patent battle with Apple Inc hurt both its licensing and chips business.

Net income attributable to the company fell to $168 million, or 11 cents per share, in the fourth quarter ended Sept. 24, from $1.60 billion, or $1.07 per share, a year earlier.

Revenue fell 4.5 percent to $5.91 billion. (bit.ly/2z5MwMB)