Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 174.80

+0.3%

Dec 5 9:30 AM EST

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To: Techteam who wrote (16144)	10/8/1998 8:50:00 AM
From: Gregg Powers	Read Replies (1) of 152472

Techteam: Nice attempt at sell-side doublespeak, let's look at what you said: << Your math works but unfortunately your assumption of royalty per phone is way too high. Try on average $5-7. >> You attempt to substantiate the $5 to $7 metrics by suggesting that some of QC's cross licensing contracts carry no net royalties. I opined that you were loose with your facts specifically because (a) you did not make a good faith attempt to realistically calculate royalties per handset based on publicly available information and (b) you attempted to justify this inaccurate calculation with an unsubstantiated claim that QC has entered into net-zero cross licensing agreements. While I do not get inside information, my firm been the company's largest shareholder for many years and there are many questions that I have asked over-and-over-and-over. Based on the company's public and private comments, I stand by my earlier statement that there are no permanent zero-net royalty licensing agreements. Furthermore, if you thought about it for a second, you would realize that your zero-net royalty argument is at odds with your suggestion that QC realizes only $5 to $7 per handset, i.e. if some of the company's licensees are paying nothing, then others would have to be paying an astronomical amount in order to account for the company's actual royalty realization. As typical with Wall Street, opinions are plentiful and facts are few! Gregg

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