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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 176.740.0%10:41 AM EST
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To: Stock Farmer who wrote (114129)2/23/2002 1:40:49 PM
From: Peter J Hudson  Read Replies (1) of 152472
 
John,

I appreciate your patience & persistence at pointing out Qualcomm's shortcomings when evaluating performance using historical financial performance. Your comments have caused me to more critically evaluate the numbers. I think most of us are tired of pro-forma accounting Looking past the pro-forma numbers is painful, especially for last year. Using pro-forma judging, Michelle Kwan would have won the gold, just eliminate the one time charge for falling on her ass.

I do have a problem with your assertion that QCOM is consuming shareholder wealth and not growing the company.

<<For plainly stated, the company is not as profitable as it appears to be. It isn't profitable at all, actually. And while it is reporting accounting profits, it is actually consuming shareholder wealth at a greater pace. >>

The only shareholder wealth that QCOM has available to consume is paid in capital, and since the value of the company is greater than paid in capital, technically it hasn't been consumed. The overall growth of the company is indisputable. The most important growth has been in market share and influence within the wireless industry. The media now refers to Qualcomm as telcom giant, instead of pesky startup.

Pete
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