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Technology Stocks : QUALCOMM-The Wireless Wonder in 1999
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To: GO*QCOM who wrote (198)4/19/2000 10:05:00 AM
From: GO*QCOM  Read Replies (1) of 343
 
Qualcomm beats analyst expectations in second quarter


ASSOCIATED PRESS
April 18, 2000

SAN DIEGO -- Second-quarter earnings at Qualcomm Inc. beat expectations as the company reported strong sales of its mobile phone technology.

Qualcomm said its net income for the three months ended March 26 totaled $199.7 million, or 25 cents per share, on revenues of $728 million compared to a loss of $42.6 million, or 7 cents a share, on sales of $932 million during the same quarter of 1999.

Excluding one-time costs, including those related to the sale of the company's struggling consumer phone business, earnings rose 44 percent to 26 cents per share in the second quarter of 2000 from 18 cents per share a year earlier.



Financial analysts were expecting earnings of 24 cents per share, according to the First Call/Thomson Financial Corp.

The company shipped more than 11 million of its Mobile Station Modem phone chips to customers worldwide during the quarter, compared to 9 million a year-earlier. Shipments are expected to reach 14.5 million in the third quarter of 2000.

Qualcomm expects to meet current expectations for earns of 27 cents per share in the third quarter of this year on expected growth in sales of chips and software, the company added.

The earnings were released after regular trading on the Nasdaq Stock Market, where shares of Qualcomm fell $4.68ó to $112.87«. In after-hours trading, shares rose to $119.25.

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