I think you are looking at their revenue figures. Look on page 40. 87% of the EB...

		samfisher83 on Oct 4, 2017 \| parent \| context \| favorite \| on: Apple and Qualcomm’s Billion-Dollar War Over an $1... 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.