China woes hurt chipmaker Qualcomm's profit forecast

Qualcomm Inc forecast first-quarter profit way below analysts' expectations as the chipmaker struggles against fierce competition from Chinese and Taiwanese rivals, and faces delays in closing new licensing agreements in China. Qualcomm's agreements with two major Chinese customers are taking longer than anticipated, Chief Executive Steve Mollenkopf said on a conference call. President Derek Aberle said some Chinese customers were "improperly withholding" royalties on Qualcomm's patents by chang