Qualcomm has reported record quarterly revenues for the first quarter of fiscal 2012 ended December 25, 2011. The company posted revenues of US$4.68 billion, a rise of 40 per cent on the previous year.

Net income was up by 20 per cent to US1.4 billion. Operating income was also up, by 24 per cent to US $1.55 billion.

Operating cash flow was US$1.78 billion, representing 38 per cent of revenues.

Mobile Station Mobile chipset shipments were 156 million units, up 32 per cent year-on-year and 23 per cent sequentially.

India’s Supreme Court has cancelled 122 telecommunications licences awarded to companies in 2008.

The licences were issued by former minister A Raja, who is accused of mis-selling bandwidth in what has been called India’s biggest corruption scandal. Raja denies wrongdoing.

Government auditors say the scandal cost the country about US$40 billion.

The judges also ordered a court to decide whether home minister P Chidambaram should be investigated. Opposition MPs accuse Chidambaram of failing to prevent the scandal when he was finance minister. He denies any wrongdoing.

Raja is currently on trial for fraud.

India is one of the world’s fastest growing markets for mobile telephones with 893 million subscriptions.

Reports say today’s verdict is likely to affect about five per cent of connections used by mobile phone customers.  India’s telecom regulator says the affected subscribers can be transferred to other mobile operators.  Some of the companies affected by the court order include Loop, Videocon, Idea Cellular, Tata Telecom, Uninor and Swan.

Etisalat is reported to be mulling bids to sell its towers network Africa. The telco has subsidiaries in 10 countries and owns around 4,500 towers across the continent.

Citing sources familiar with the matter, Reuters said that Etisalat has invited bids for the tower assets.

The telco had been looking to sell the towers to another management company for around US$500 million, but sources indicated that a block sale of the entire portfolio proved difficult.

The company is now reported to be looking to sell its towers on a per-country basis.

A court in Nigeria has upheld Econet Wireless Limited’s five per cent claim to Airtel Nigeria, a cellco to which it was a founding shareholder in 2001. The court sided with the Zimbabwe operator that its stake been unfairly cancelled, and any decisions since the cancellation are void.

“All actions and resolutions taken by the company since October 2003 at which Econet Wireless was entitled to be notified, and to participate in, as a shareholder, but was prohibited, are null and void,’ the judgement said. ‘This includes decisions to sell shares, issue shares, and also transfer shares to third parties.”

Econet said the judgement means the cellco’s name would revert to Econet Wireless Nigeria. “We have made it clear to the company, that as a shareholder, we would like to ensure that all actions that must be taken to comply with the court order are undertaken in such a way that there is minimal disruption to the ongoing operations of the company,” commented Econet Wireless Group chairman Strive Masiyiwa. “The board of Econet Wireless and I remain willing to sit down with Bharti Airtel, to review the best way forward for all parties. In the meantime, we have a fiduciary responsibility to take all of the necessary steps to vigorously protect the interests of our shareholders,” he added.

Laughing all the way to the bank – Strive Masiyiwa has his company’s five per cent stake claim to Airtel Nigeria affirmed by court (Image – courtesy of World Economic Forum)

Bharti Airtel has said it will appeal the court’s decision and that the judgement will have no impact on the equity holding of other shareholders in Airtel Nigeria.

The Indian telco inherited the legal case as part of its US$9 billion acquisition of Zain’s Africa operations in June 2010, including 65 per cent of Zain Nigeria.

Econet has always claimed that its five per cent stake in Econet Wireless Nigeria was cancelled following the takeover of the telco by Vodacom in 2003. Econet Wireless Nigeria was subsequently renamed Vee Networks and its brand name changed to Vodacom, but Vodacom pulled out of its contract soon after, citing ‘irregularities’ in the payment of the brokerage fees. Celtel International then purchased 65 per cent of the company in May 2006, a move that was disputed by Econet Wireless Limited, which claimed its pre-emption rights were breached. In 2009 Econet Wireless began moves to block the sale of Celtel’s (Zain) interests in Nigeria to Bharti Airtel until a ruling on the dispute over ownership of the company was passed. However, the takeover by the Indian firm was concluded in June 2010, with Zain Nigeria rebranded under the Airtel moniker by the end of the year.

A clause in the agreement between Bharti Airtel and Zain Group in the acquisition of the latter’s assets in Africa, was that Zain would be liable for any losses that may result from the ongoing litigation by Econet Wireless in Nigeria.

The government of Qatar is reported to have approached Saudi Oger about a deal to buy its 55 per cent stake in Oger Telecom, which owns a controlling 55 per cent stake in Turkey based Turk Telecom.

Oger Telecom also owns a 75 per cent stake in South Africa’s third mobile network, Cell C.

Citing sources familiar with the talks, Reuters said that Qatar – through its sovereign wealth fund – had made a direct approach to Saudi Oger about a deal.

Saudi Telecom Co. (STC) owns a 35 per cent stake in Oger Telecom, and has a right of first refusal if Saudi Oger were to look to sell its 55 per cent stake in the company.

The Qatar government also holds a majority stake in Qtel, although the deal is not thought to be involving the telco at this point.