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To: Mike Buckley who wrote (48622)	11/7/2001 9:42:08 AM
From: Eric L	Read Replies (3) of 54805

re: Qualcomm FY 2001 & FQ4 Earnings << The press release at the web site is available only in a very slow-loading pdf file >> You have the patience of ... <g> Right click on this and save target as (to disk) if your impatient: qualcomm.com Or for a good comprehensive summary from Qualcomm this loads reasonably quick: news.moneycentral.msn.com << Within minutes of the release of Qualcomm's earnings report, it's usually posted both here and in the moderated Qualcomm thread >> The fact that no earnings data is yet posted to the Moderated Qualcomm thread (aka the Qualcomm Hear No Evil, See No Evil, Speak no Evil, Cheerleaders Thread) still mystifies me. I shouldn't poke fun. It is a great thread, but it DOES mystify me. << You might remember that quite awhile ago I raised the issue that Q management was excluding so-called one-time investment expenses but wasn't excluding investment gains. >> I would like to call your attention to one post on the "Coming of Range" Thread by Jacob Snyder which comments on Qualcomm's Pro Forma v. GAAP in light of the fact that Qualcomm in fact posted a net loss of $44.5 million, or 6 cents per share: Message 16619099 I will add that there are a lot of footnotes to wade through to get to the real bottom line of Qualcomm earnings. I remain long on Qualcomm, and other than the fact that QCOM didn't advise us of the NOK license amortization (which absolutely flabbergasted me) there were no real surprises to me. I might add that given sector uncertainty I wouldn't take next years forecasted earnings to the bank yet. Forecasts are loaded to H2. Nobody knows what H2 will bring (although I'm pretty optimistic about it). << I don't have the keen memory you do regarding Thornley's comments in the conference call you mentioned. In the unlikely event that you're wondering if you're misremembering his comments >> Several of us on Moderated thread went back and relistened to Thornleys comments on the NOK license a month or so ago and he was MOST specific in response to a Q&A question on the NOK license fee hitting the books in SepQ. He said nothing about 1/27th of it hitting. One of my pet peeves about Qualcomm is that they do not archive much in the way of webcasts so it is difficult to go back and verify what someone said 3 months, 6 months, or a year back. That aside, every major wireless company has commented on the serious lack of visibility looking forward. This is the reason that Nokia has scheduled an interim CC 3 weeks before the end of every quarter, to avoid blind siding investors relative to guidance given 3 months in advance of quarter end. Good news is QCOM has opened better than some anticipated. - Eric -

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