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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 174.00-0.5%10:04 AM EST
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To: Ruffian who wrote (39960)9/7/1999 4:02:00 PM
From: Webster  Read Replies (2) of 152472
 
4th quarter cdma subscribers appear to be in the
13 million range according to Lehman Bros who reiterated
their buy on qcom. They expect ASIC revenues of at least
$320 million for the Sept quarter. The sequential growth
of CDMA subs is over 20% per quarter (up from 11 million in
Q3 and about 9 mil in Q2).

Royalties are now estimated at $98 mil up from $87 mil mil last
quarter (although lic fees were $6 mil last quarter).

The net effect Between Asics and Royalties improvement
would be about a $.10 rise in earnings to $.96 per share.
This of course would assume other divisions are no worse
than flat QoQ.

The 13 million estimated ASICS would put annualized new
cdma subs at over 50 million. Any comments on this would
be appreciated.

Also, does any one know how qcom accounts for royalties
for infrastructure sales? I am under the impression that
they calculate the royalties as the infrastructure is
activated or paid. If this is at all accurate and with
billions of infrastructure being completed, is it possible
that we will see infrastructure royalty streams starting
to appear?

I would appreciate any comments. Thanks in advance from
a daily lurker and long time holder of the Q. thanks
web.
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