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Qualcomm on Thursday said its net income shot up 51 percent year over year in its most recent quarter as the company bounced back from a nearly $1 billion fine from Chinese regulators last year.

According to its fourth fiscal quarter earnings statement, Qualcomm raked in a total of $1.6 billion in net income from $6.2 billion in revenue, up from $1.1 billion in net income on $5.5 billion in revenue in the year-ago period. Operating income of $1.8 billion and operating cash flow of $2.1 billion were also up substantially – or 58 percent and 24 percent, respectively – from the prior year.

The company said chip shipments of 211 million were up four percent year over year and up five percent sequentially. Estimated reported 3G and 4G device sales of between 401 million and 405 million also jumped by 45 percent in the quarter from 276 million to 280 million the year prior and were up 25 percent sequentially.

Qualcomm CEO Steve Mollenkopf said he expects the upward trend in the latter metric to continue.

“Our fiscal fourth quarter EPS was above the high end of our expectations, reflecting new license agreements in China and strong chipset shipments,” Mollenkopf said in a statement. “We are forecasting continued growth of global 3G/4G device shipments in calendar year 2017, led by growing demand in emerging regions. We are well positioned to extend our mobile technology leadership and footprint into attractive growth opportunities, accelerated by our recently announced agreement to acquire NXP.”

Since it paid $975 million to settle monopoly allegations with Chinese regulators, Mollenkopf said Qualcomm has managed to sign licensing agreements with nine of the top 10 largest Chinese OEMs. Additional license agreements are expected to come in the year ahead, he said.

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