The company also said a planned initial public offering of its semiconductor business will be postponed until January, citing unfavorable market conditions. The company attributes the decline to a decrease in sales to South Korea after the government eliminated phone subsidies. On July 25, Qualcomm revealed its intention to spin off its semiconductor business into a company known as Spinco, saying the new company would focus on development of wireless communications, integrated circuits, and system software, freeing the core company to pursue new business.
Analysts consider the IPO postponement a good move.
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