Qualcomm Up 1.8% After It Announces End Of Probe In China

Shares of Qualcomm Inc. rose in after-hours trading Monday, after the telecommunications company said it reached a resolution with China's National Development and Reform Commission regarding an investigation of Qualcomm for violating China's anti-monopoly law. Chinese authorities found Qualcomm did violate the law, but authorities have agreed to a plan to rectify the situation, and no more legal action will be needed. Qualcomm will pay a fine of about $975 million. "We are pleased that the investigation has concluded and believe that our licensing business is now well positioned to fully participate in China's rapidly accelerating adoption of our 3G/4G technology," said Derek Aberle, president of Qualcomm, in a statement. The company also modestly increased its revenue expectations for fiscal 2015, to between $26.3 billion and $28 billion, from previous guidance of between $26 billion and $28 billion. The company lowered its earnings-per-share estimate for the year, however, to $3.56 to $3.76, compared with a prior guidance range of $4.04 to $4.34.