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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 172.92

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3:59 PM EST

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To: Ramsey Su who started this subject	1/22/2001 3:52:04 PM
From: Cooters	Read Replies (1) of 197064

Earnings comments from SSB: QUALCOMM (QCOM; 1H; $73 1/16) --- REPORTING FISCAL FIRST QUARTER 2000 (ENDED DECEMBER) RESULTS ON JANUARY 25 AFTER THE CLOSE * EPS for the quarter are expected to be in line with our consensus estimate of $0.28, which compares with our pro forma (excluding the handset division) estimate of $0.26 in the fiscal first quarter of 1999. * Total Licensing and Royalty revenues should increase 25% year over year, to $221.8 million, from $177.5 million last year. Licensing and Royalty revenues from third parties are expected to increase 42.4% year over year, to $205 million. * We expect ASIC revenues of $336 million for the fiscal first quarter of 2000, a 5% year-over-year decrease from last year. We expect the company to have shipped 14 million ASICs in the quarter. * The focus on the quarter will be: 1) ASIC demand outlook for fiscal 2001, including 1X shipments; 2) overall CDMA handset demand; 3) an update on subscriber and handset outlook in South Korea; 4) comments on the CDMA deployment in China; and, 5) further comments/guidance surrounding the spin-off of its ASICs division. We believe QUALCOMM will report results in line with our consensus estimate of $0.28. This compares with our pro forma (excluding the sale of its handset division) of $0.26 last year. We estimate total revenues for the quarter of $705 million, an 8% decline from our pro forma estimate of $764 million last year. We estimate total Licensing and Royalties revenues will increase 25% year over year, to $221.8 million. Licensing and Royalty revenues from third parties are expected to increase 42.4% year over year, to $205 million. We estimate the company will ship approximately 14 million CDMA ASICs in the quarter, which compares with 14.5 million last year and 11 million last quarter. We estimate revenues from its ASICs division of $336 million in the quarter, a 5% decline from the fiscal first quarter of 1999. We believe the areas of focus on the company's conference call will center around: 1) ASIC demand outlook for fiscal 2001, including 1X shipments; 2) overall CDMA handset demand; 3) an update on subscriber and handset outlook in South Korea; 4) comments on the CDMA deployment in China; and, 5) further comments/guidance surrounding the spin-off of its ASICs division.

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