Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 168.09

+1.8%

Nov 28 9:30 AM EST

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To: limtex who wrote (9820)	4/14/1998 12:37:00 PM
From: Gregg Powers	Read Replies (2) of 152472

Hi all... The royalty transfer rate is based on the closing spot price on the last day of the trailing calender quarter. In english, June quarterly royalties from Korea will be based on the March 31st quote (~1390). The Korea Econonic Weekly recently reported that Samsung's telecommunications EXPORTS had doubled to $300mm from the prior year. Roughly $150mm of this amount was handsets. Assuming that this translates to something around 500,000 units, and factoring in 1.2mm net subscriber adds within Korea, it would appear that QC's Korean business (i.e. royalties and chipset sales) is rapidly on the mend. It was also noted during the Motorola conference call that Japan's CDMA launch was being delayed by handset AVAILABILITY. It appears that at least a couple of Japanese handset vendors are close to commercial certification (with phones based on the QC ASIC), so we are probably pretty close to full-blown commercial deployment. So, let's think this through. During the June quarter, QC's handset, ASIC and infrastructure revenue should all be up; Globalstar gateways should ship, license and royalties should be flat to up, gross margins should improve and other operating expenses (i.e. selling & marketing) should be flat to down. Sounds like visibility is improving and earnings are on the mend. It could well prove to be an amusing summer. Best regards, Gregg

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