Jana wanted Qualcomm to split apart its semiconductor and tech licensing businesses but a report by the board said the current setup is a strategic part of its business.
It also said that earnings have improved in the current financial quarter as a result of sales of 3G and 4G devices – while cost savings it has made are also kicking in.
Jana had asked for the review in April which Qualcomm has just concluded. A committee was formed with two people nominated by Jana.
Qualcomm is currently being investigated by Chinese antitrust authorities – it has a large market share in mainland China.