This year has been a rollercoaster ride for chipmaker Qualcomm, Inc. (NASDAQ:QCOM). The firm has been at the center of several highly publicized court cases and its legal fees and royalty battles have had a substantial impact on the company’s financials. However, QCOM stock made its way nearly 3% higher this week as investors took the firm’s better than expected quarterly results as a positive sign.

Now, with the QCOM stock price at the beginning of an upswing, investors may want to consider jumping on board.

QCOM Stock: Earnings Beat

On Wednesday, QCOM reported its fourth-quarter results and although the firm’s legal battle with Apple Inc. (NASDAQ:AAPL) hurt its financials, the numbers weren’t as bad as many were expecting. The company reported earnings-per-share of 92 cents on revenue of $5.96 billion — slightly bettering analysts expectations of EPS of 81 cents on revenue $5.8 billion.

Full-year revenue sank to $22.3 billion, a 5% decline and something Qualcomm blamed on the ongoing Apple court case.

Qualcomm’s Apple Woes

Nearly a year ago, Apple sued QCOM saying that the firm’s royalty charges were too high. That lawsuit came on the back of similar allegations by the U.S. Federal Trade Commission, which filed an anti-trust case against Qualcomm saying that its high royalty charges and dominant market position were detrimental to the industry.

Apple and QCOM are still slogging through their court case, and in the mean time, Apple and its contract manufacturers have withheld and underpaid royalty fees in the second, third and fourth quarters of fiscal 2017. Not only that, but new reports suggest that Apple is cutting QCOM out all together in the future by creating iPhones and iPads that don’t require Qualcomm chips.

What Does It Mean?

The Apple court case is certainly a worry for QCOM stock investors because it’s unlikely to be cheap. However, this isn’t QCOM’s first rodeo. Recently, the firm similarly engaged in legal battles with BlackBerry Ltd (NYSE:BB) as well as South Korean regulators, both of which have since been erased by two very hefty payments on Qualcomm’s part.

Back in 2015, the company wrote a $975 million check to Beijing due to a similar complaint about its royalty charges. QCOM lost the case and was forced to reduce its licensing fees; however, China remains a huge part of the firm’s revenue growth now that the dispute as been settled.

The point is that QCOM stock is likely to recover once the Apple drama is over because win or lose, resolution is good for Qualcomm. The chipmaker isn’t fighting for it’s life, and once the air has been cleared, it’s likely to go back to collecting, albeit perhaps lower, royalty fees on key components for technology.

What About the Future?

Some point to Apple’s ability to cut QCOM out of its iPhone production as a worrying sign. I don’t disagree that losing Apple as a customer isn’t ideal, but Qualcomm isn’t solely reliant on AAPL to drive its revenue. The firm also has big bets on emerging technology spaces like the Internet of Things, Artificial Intelligence and security. Many are also expecting to see the company become a heavyweight in the virtual reality space as well.

The other thing to like about QCOM stock is that the firm has a pretty solid reputation of rewarding shareholders. Between dividend payments and stock buybacks, Qualcomm management has returned almost $35 billion to its shareholders. This suggests that when times get tough, QCOM shareholders will be treated well and that’s important because the firm will likely see some turbulence ahead as the Apple case drags on.

The firm currently pays an impressive 4.15% dividend yield, which makes up for some of the volatility that QCOM stock is saddled with.

Bottom Line on QCOM

QCOM stock can be expected to have some ups and downs, but its current beaten down position makes for a great entry point. While the Apple battle is certainly a concern, it isn’t going to drive the company into the ground. In fact, investors may enjoy a pop once the case is over and the uncertainty removed.

Qualcomm is a solid tech company with a bright future, and if you’re willing to accept that the company is likely to get caught up in lawsuits from time to time due to the nature of its business, the stock makes for a good buy right now.

As of this writing, Laura Hoy was long AAPL.