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Non-Tech : The Critical Investing Workshop

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To: w molloy who wrote (5979)	3/3/2000 1:20:00 PM
From: J.B.C.	Read Replies (1) of 35685

The guidance given at the earnings release "The Company anticipates that shipments of its phone chips in the second quarter of fiscal 2000 may be lower than the first quarter of fiscal 2000 due to seasonal factors, inventory balancing by customers due to continued shortages of other phone components, and transition from older chips (MSM2300) to the latest chips (MSM3000 and MSM3100). In addition, phone shipments in the second quarter of fiscal 2000 may be lower than the first quarter of fiscal 2000 due to seasonal factors. Excluding the QCP segment and non- recurring items, the Company expects earnings per share in the second quarter of fiscal 2000 to meet or exceed the $.25 earnings per share in the first quarter of fiscal 2000 (excluding net non-recurring charges). QUALCOMM expects that the market for CDMA products and demand for its CDMA chipset and software solutions will continue to grow significantly in the future despite quarterly fluctuations. Therefore, the Company remains comfortable with the current analyst consensus earnings estimate for fiscal 2000. " I personally would not be too quick to discount the guidance by Dr. J. Jim

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