Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 163.32

+2.3%

3:59 PM EST

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To: Gregg Powers who wrote (13531)	8/10/1998 3:52:00 PM
From: John Cuthbertson	Read Replies (1) of 152472

Re: Marc Cabi's blurb. In addition to what Gregg mentioned, it is also a bit unfair for Mr. Cabi to complain that "the quality of earnings was questionable as Qualcomm continues to beat EPS estimates through the exclusion of one-time charges." First off, QCOM did not exclude the charges from the reported quarterly earnings; that's why the quarter's EPS was 8 cents. Qualcomm's report also quite properly included a broken-out figure for earnings from operations, which was the good number that most people chose to focus on. Some analysts' estimates for earnings are meant to include non-recurring items, and some are meant to exclude them. There's nothing systematic about this, which can be confusing, but if the consensus estimates are given on a basis of excluding one-time charges it is non-sensical to complain that the estimates were beaten by excluding those charges! The same comments would hold true for the previous quarter, when the non-recurring item was a big positive number. I suppose then Mr. Cabi would have complained that QCOM beat estimates only through the inclusion of one-time gains. ==John

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