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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: califjk who wrote (34232)	7/7/1999 8:16:00 PM
From: Uncle Frank	Read Replies (4) \| Respond to of 152472

>>170 31/32 by earnings!!! Truly my most accurate pick yet!..jk I like it, JK. I'm putting it in my Hope Chest along with Rose Campion's prediction of 305 by year's end. Frank

To: califjk who wrote (34232)	7/7/1999 8:24:00 PM
From: Ruffian	Respond to of 152472

Posted On Yahoo> SSB reports (Nok and QCOM) by: ToHellWithCDMA (32/M) 8929 of 8930 QUALCOMM (QCOM,1-H,$142 1/4) RESULTS DUE JULY 20, AFTER THE CLOSE. * EPS should be at least $0.67 vs. consensus of $0.63 * Sales of CDMA ASICs (+81.2% YOY) & mobile phones (+11.7% YOY) should be robust * Revenue, ex royalties, should be up 15% YOY * Royalties from other CDMA mfrs should be $86 mm. vs $47 mm. last year * We estimate gross & operating margins for F3Q99 of 31.0% & 9.9%, respectively. We believe Qualcomm's EPS for F3Q99 could exceed our estimate of $0.67 due to continued strength in (1) mobile phones, (2) ASICs chipsets, and (3) royalty fees. We estimate F3Q99 EPS should be $0.67 vs. $0.14 reported last year and compared to consensus of $0.63. Revenue, excluding licensing and royalty fees, in our opinion, should increase 15% to about $951 million from $828.6 million a year ago. Licensing and royalty fees, which represent pure profits, are estimated at $86.2 million for the quarter vs. $47 million a year ago. Licensing and development fees now reflect the on-going growth in royalties from the CDMA marketplace as opposed to last year when this line item not only included royalties from manufacturers but also one time payments from manufacturers interested in entering the CDMA market. Qualcomm has now licensed virtually every manufacturer, including all the major vendors such as Ericsson, Lucent Technologies, Motorola and Nokia. Thus, licensing and development fees now largely reflect royalties received from manufacturers of CDMA infrastructure and cell phones. Gross and operating margin for the quarter should be 31.0% and 9.9%, respectively, vs. 24.6% and 0.8% a year ago. Moreover, we believe that Qualcomm is fast becoming synamous with the wireless Internet since 3rd generation wireless networks, which are likely include intellectual proporty rights associated with Qualcomm, are being optimized for data applications and the Internet.