Qualcomm Shares Sink 12% after U.S. Antitrust Ruling
Chip maker Qualcomm saw its shares sink nearly 12 percent in premarket trading Wednesday after a U.S. judge ruled that the company violated antitrust law.
Federal judge Lucy H. Koh of the northern district of California ordered Qualcomm to change its pricing and sales practices, after finding it "engaged in anticompetitive conduct" towards customers like Sony, Samsung and China's Huawei.
"Qualcomm's licensing practices have strangled competition" in the chip market for years, "and harmed rivals," she said.
The company's shares had soared after winning a dispute with Apple.