Qualcomm Inc shares fell by about 3.5 percent on Wednesday as investors got their first look at the bottom line impact of a patent fight settlement with Apple Inc.

The stock kept most of the 50 percent-plus gains of the past few weeks, reflecting investor relief at a deal between the cellphone technology companies, but Qualcomm's forecasts suggested Apple's licensing fees will not be a big boost to revenue.

Qualcomm will book a one-time payment of 4.5 to 4.7 billion U.S. dollars in the fiscal third quarter from the settlement, as Apple catches up on royalties that the iPhone maker did not pay while they were locked a legal dispute.

"We see a pause ahead of a 5G launch," Cristiano Amon, Qualcomm's chip chief, said on a conference call with investors, referring to the next generation of mobile networks that will roll out over the course of this year and next.

The settlement, which includes a six-year patent license and a chip supply agreement, is expected to generate 2 dollars per share in additional earnings, Qualcomm has said. Financial details have not been disclosed but the deal is expected to help Qualcomm regain the preeminent mobile chip position it held in the early 2010s.

Qualcomm executives said a gloomier smartphone market forecast offset the addition of Apple license revenues. Stacy Rasgon, an analyst with Bernstein, said the Apple settlement was in line with expectations but the revenue outlook was disappointing.

"That tells me that either Apple isn't giving them all that much, or it says the core market is horrendous, or maybe a little bit of both," Rasgon said.

But shareholders welcomed the Apple deal.

"I'm just pleased to have Apple back in the fold," said Hal Eddins, chief economist at Capital Investment Counsel, which holds both Apple and Qualcomm shares. "I think they both came out well in the deal and am very impressed (Apple Chief Executive Tim) Cook agreed to it."

Shares dipped by 2.7 percent to 84.00 U.S. dollars in after-hours trading. Before the close, Qualcomm shares had risen by more than 50 percent since the company announced its settlement with Apple on April 16.

Net income attributable to Qualcomm rose to 663 million U.S. dollars in the quarter ended March 31, from 330 million U.S. dollars a year earlier.

Revenue fell to 4.88 billion U.S. dollars, but beat analysts' estimates of 4.80 billion U.S. dollars.