Whether Qualcomm walks away with—or from—NXP Semiconductors, the company has a lot of work ahead.
That will be most evident in Qualcomm’s fiscal third-quarter results, which come Wednesday afternoon, just hours before the company’s self-imposed deadline to win final approval from Chinese regulators for its $44 billion offer to buy NXP. That deal—in the works for nearly two years—has been caught up in the burgeoning trade fight between the U.S. and China. Qualcomm says it will walk away from the deal if final approval from...