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

To: JohnG who wrote (35909)	7/19/1999 7:57:00 PM
From: straight life	Respond to of 152472

Qualcomm slaughters Street estimates Posts earnings 12 cents better By Myra P. Saefong, CBS MarketWatch Last Update: 7:38 PM ET Jul 19, 1999 Also: Earnings Headlines SAN DIEGO (CBS.MW) -- Qualcomm Inc. appears likely to get a boost Tuesday after the leading developer of digital wireless communication products reported record net income for the third quarter and hit the $1 billion mark in revenue due to an increase in royalties. Today on CBS MarketWatch Airlines fail to lift stocks Microsoft beats view but cautions IBM posts bigger profits FCC says don't tangle with the Net Thom Calandra: Schwab co-CEO has Web advice More top stories... CBS MarketWatch Columns Updated: 7/19/99 5:22:38 PM ET After the market closed Monday, Qualcomm (QCOM: news, msgs) said net income, excluding one-time charges, was $135 million, or 75 cents per share, compared with $24.7 million, or 17 cents a share, during the year-ago period. Analysts surveyed by First Call expected the company to report a 63-cent profit for the quarter. Including a $117 million charge associated with the sale of the terrestrial Code Division Multiple Access wireless infrastructure business, earnings were $59 million, or 35 cents per share. During the third quarter of 1998, the company faced a write-off of Qualcomm's entire equity investment in NextWave Telecom Inc. which brought earnings to a total of $5.8 million, or 4 cents per share. Pro forma net income was $154 million, or 86 cents per share. Revenue increased 15 percent compared to last year to $1 billion. Qualcomm cited increased sales of Application Specific Integrated Circuits and other products for the revenue growth, as well as a significant rise in royalties. "We achieved several important milestones this quarter," said Dr. Irwin Mark Jacobs, chairman and CEO of Qualcomm. See press release. The company won the No. 2 position in digital phone market share in the U.S., according to Dataquest and shipped over 11 million MSM chips to CDMA phone manufacturers worldwide. "We are also pleased to have been selected for inclusion in the S&P 500 index," Jacobs added. Ahead of the news, shares of the company closed higher by 7/16 to 158 11/16 on Monday.