Qualcomm has largely avoided commenting on its recent issues in China, but this week it finally reached a settlement with the country. The California chipmaker will pay $975 million for violating antimonopoly laws and will sell some of its mobile technology at a reduced rate to local companies, The New York Times reports.
It may sound like bad news, but according to Qualcomm CEO Steven M. Mollenkopf, the company still has a big lead in China. He also added that the agreement could give the firm an advantage, making it more attractive for local companies like Xiaomi to use its processors since they come at a reduced price.
“We have made adjustments to our practices,” Mollenkopf told The New York Times. “This positions our business to take advantage of the large growth in China.”