Wireless chipset major Qualcomm said its revenue increased 4 percent to $6 billion in its fiscal first quarter ended December 25, 2016.

Qualcomm’s net income fell 54 percent to $0.7 billion.

On October 27, 2016, Qualcomm announced its agreement to acquire NXP Semiconductors for $38 billion.

“The pending NXP acquisition accelerates our strategic transformation in the high growth areas of automotive, IoT, security and networking,” said Steve Mollenkopf, CEO of Qualcomm.