Qcom is not a chip company. It is an IP company that happens to make some chips on the side. A majority of their profits are based on their IP portfolio. As a percentage of revenue they spend more on R&D than most Tech companies especially apple. Apple spends less than 5% on R&D. However I am not a fan of their chips. Their chips aren't that great, but its hard to compete with them since you have to use their patents on your radio.
It would be good if they just split the IP and Chip parts.
Qualcomm reports QCT (chips and software) separately from QTL (licensing). In 2015, their Form 10-K reported that licensing was around 30% of their income and the rest was chips and software (see page 8).
I think you are looking at their revenue figures. Look on page 40. 87% of the EBT are from QTL. Despite being a small portion of its revenue the Licensing business is a large majority of their profits.
It would be good if they just split the IP and Chip parts.