Mobile chipmaker QUALCOMM, Inc. (NASDAQ: QCOM – $70.99) reported first-quarter revenue of $7.1 billion, up 7% from last year and ahead of analysts’ expected revenue of $6.94 billion. Adjusted earnings in the period came in at $1.34 vs. $1.26 in the year-ago first quarter and beat consensus estimates by $0.09. However, the San Diego-based company reduced its outlook for fiscal 2015, saying it expects its newest Snapdragon mobile chip will not be used in a major customer’s flagship smartphone – Samsung – and warned that “challenges” with another of its chips had hurt its competitiveness in China, where QUALCOMM has been disappointed with growth that has fallen short of expectations. China’s expanding high-speed 4G network is driving demand for smartphones with leading-edge technology, but QUALCOMM’s opportunities have been clouded by a year-old antitrust investigation there and troubles collecting royalty payments from device makers. The company went on to say that it resolved a dispute with a major licensee in China but that the timing and impact of a resolution of the dispute and other regulatory investigations remain uncertain. The company now expects fiscal 2015 revenue between $26.0 billion and $28.0 billion, down from a previous estimate of between $26.8 billion and $28.8 billion and adjusted earnings per share between $4.75 and $5.05, compared to a previous range of $5.05 to $5.35. Analysts were rallying around a net per share figure closer to $5.21, so not very good news all around. The shares bid lower by about 7.5% in after-hours trading. I am keeping an eye on developments with QCOM, but for now the shares, yielding 2.4%, remain reasonably priced at about 14.5 times the new projected earnings for 2015.