Qualcomm earns money in two distinct ways: selling Snapdragon chips that power smartphones, cars and connected devices, and licensing a patent portfolio fundamental to how mobile networks work. Nearly every phone maker on earth pays it royalties, a stream that flows almost straight to profit. As handset growth matured, the company pushed into automotive cockpits, PCs and the internet of things to diversify. Founded in 1985 in San Diego, Qualcomm did much of the engineering that made modern wireless communication possible.