Qualcomm says a split into two firms will not help profit

New York

QUALCOMM has a message for its shareholders: Breaking up is hard to do. And in the opinion of the company's top management, it is less profitable than staying together.

On Tuesday, the chipmaker, which was an early leader in advanced semiconductors for smartphones, released the results of a months-long review that it undertook partly under pressure from activists. The study evaluated whether Qualcomm should split into two separate companies, with one focused on making research advances and selling intellectual property, and the other on making chips.