Source: Morgan Stanley Qualcomm reported a surprisingly weak FQ1 with even weaker FQ2 guidance as a lower ASPs for both handsets and chips drove revenue of $2,67B below our $2.77B estimate. Normalizing for $71M in out-of-period revenue boost from the new Samsung contract, “true” revenue of $2.6B was even lower, however within guidance of $2.55-2.75B.