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Technology Stocks : Intel Corporation (INTC)
INTC 41.41+2.2%Dec 5 9:30 AM EST
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To: L. Adam Latham who wrote (170655)9/5/2002 11:34:47 PM
From: BelowTheCrowd  Read Replies (1) of 186894
 
> That's crazy. In this environment, GAAP earnings are the only numbers that should be looked at - pro forma earnings are a thing of the past, and nobody should be relying on them anymore. <

I never said a thing about pro-forma crap. Last year's GAAP included about a half-billion dollars of writeoffs that cannot be included under the changed accounting rules this year.

FY2002 GAAP is not the same as FY2003 GAAP. Comparing them directly without allowing for the changes in the rules gives a distorted picture.

But if you want to believe that Intel is growing earnings 100% a year despite almost flat revenues, be my guest.

(Note, this isn't specifically an Intel issue. It impacts hundreds of companies and I have no criticism against Intel, just against those who want to believe the unbelievable and wonder why most people don't.)

mg
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