Author/Editor: A Fan
On July 18, the European Union ruled on Thursday that Qualcomm would be fined 242 million euros ($1.87 billion) for crowding out its competitors more than a decade ago. After the news came out, Qualcomm's share price fell 1.58% before trading.
In 2015, Qualcomm was accused by the European Commission of making predatory pricing between 2009 and 2011 to squeeze Icere, a British mobile phone software maker, out of the market. The European Commission said Qualcomm had sold a certain number of UMTS baseband chipsets to its two customers at below-cost prices and wanted Icera to exit the market.
According to previous reports, EU competition law enforcement agencies can impose fines of up to 10% of their global turnover. Ultimately, the EU will impose a fine of 242 million euros on Qualcomm.