Great post, especially this part:
What they told us last year. To get the full measure of how strongly this company has performed, compare these numbers against the guidance the company management provide at the same time last year (at the time of the Q4 03 earnings release):
Based on the current business outlook, we anticipate that revenues excluding the QSI segment will grow by approximately 5-9 percent year-over-year and earnings per share excluding the QSI segment to be in the range of $1.37-$1.43 for fiscal 2004, compared to $1.42 last fiscal year.
Instead of 5-9 percent, they delivered growth of 33.4%, and the EPS came in at $2.18 per share (adjusting for the intervening stock split) instead of $1.37-1.43.
They also said, then:
We estimate the CDMA phone market to be 131-136 million units in calendar 2004, and we estimate a decrease of approximately 8 percent in average selling prices of CDMA phones for fiscal 2004, upon which royalties are calculated, compared to an estimated decrease in fiscal 2003 of 2 percent.
Of course, the CY 2004 best estimate for CDMA handsets is at now 170M, while the ASP has increased, and is again projected to increase as more WCDMA and high end models form a greater part of the mix.
I don't really understand it--the company has utterly and totally failed to deliver a couple of chips precisely, exactly on schedule.
Isn't that enough, along with the obvious lies and misunderrepresentations concerning this year's income [the lyin' SOBs misunderestimated in a huge way, and a lie is a lie, regardless of how pleasant a surprise it represents; how can that be good?], to really make you wonder about the direction of this woefully lacking-in-credibility shop?
Will you ever believe guidance again from that clownish IMJ? Not me.
I would have been far happier if they had delivered a couple of chips timely than if the results had not been such a pack of [positive] lies.
C2@mystorystickingtoit_vbg.com |
