IMO, Bill Davidson (BD) hit another one out of the park at Roth--- in his time-limited / fast-paced presentation.
-----repeatedly emphasizing Qualcomm’s **growth** story and being **uniquely positioned **with the industry.
+ # 1 wireless semiconductor supplier
+ 700+ devices launched in FY09 based on QCT chipsets, up from about 300 in FY08
+ Significant Growth Forecast for 3G subs-
…….2009 ~945M
…….2014 ~2.7B
+ Migration from 2G to 3G Continues to Accelerate
……2009 ~ 50% of handset shipments 3R
……2013 ~ 69% 3G
……Made point that if not one new sub was added in the world, existing sub base converting to 3G would provide great growth by itself. But many new subs will be added, mainly in developing world.
+ By 2012 emerging regions expected to represent >50% of 3G handset Shipments
+ QCOM uniquely positioned within the industry
……with System-on-a chip solutions vs others with only Discrete solutions
+ Chipset Innovating Driving Device Choice and Growth
……Chipset roadmap vastly broader, supporting all price / technology tiers
……….**and** virtually all operating systems
+ 4G Success Enhanced by 3G Experience
…..QCOM is **Uniquely positioned **to support first multimode LTE/3G deployments
+ CDMA Shipments for CY 2010 estimated to grow between 16 to 25%
….. “CDMA Growth is a key stockholder value driver “
+ Summary- Well Positioned for Future Growth-
…+ OFDMA Licensing Momentum--- top 3 handset mfgs licensed
…+ 2G to 3G Migration Continues
…+ Expanding partnerships with many companies—i.e. Amazon
…+ New Market Opportunities
…+Strategic Investing for Long-term Growth
…+ Technology Leadership
During the abbreviated Q&A, BD made the most of his opportunity to most effectively explain the ASP conundrum/ quandary (a looong but effective answer to a perplexing issue)
…Driving robust growth is positive, yet may result in volatile ASPs.
….Mix /Mix /Mix- product mix / geography – demographic mix
… ASPs may become less stable / more volatile due to driving growth in multitudes of lower priced devices to support many new devices in new categories / uses, and multitudes of new subscribers in developing regions with differing demographics.
…?? Will BK have to provide more details as to product mix to defuse the implied negativity surrounding “**lower** ASPs?
………….+ Devices ???
………………Handsets (MSM / QDC / QSD)
………………Dongels - external / embedded modems (Gobi / MDM)
………………Other- (FLO TV- personal, phone, auto) TV chip?), CE devices, M2M
……..the “Fast trader” community (speculators / hedge fund operators) appreciates the opportunities afforded by such “inflammatory” / **action** words as --- lowered, missed, reduced, cut, slashed (CNBC- ** SLASHING ** guidance, hacked . |
