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Technology Stocks : QUALCOMM-The Wireless Wonder in 1999 -- Ignore unavailable to you. Want to Upgrade?

To: GO*QCOM who wrote (193)	4/18/2000 9:20:00 PM
From: GO*QCOM	Read Replies (1) \| Respond to of 343

Tuesday April 18 8:45 PM ET Qualcomm Posts Stronger-Than-Expected Earnings By Michael Fitzpatrick LOS ANGELES (Reuters) - Mobile communications technology company Qualcomm Inc.(NasdaqNM:QCOM - news) on Tuesday said its fiscal second-quarter net income rose 44 percent, excluding acquisition-related charges, topping Wall Street expectations and sending its stock up sharply in after hours trading. San Diego-based Qualcomm posted net income of $199.7 million, or 25 cents a share, in the three months ended March 26, vs. a year-ago net loss of $42.6 million, or 7 cents a share. On a proforma basis that excludes acquisition-related costs and results of businesses it has sold, Qualcomm reported net income of $207 million, up 74 percent from $119 million, a year earlier. Proforma earnings per share rose 44 percent to 26 cents from 18 cents. Wall Street analysts had expected the company to post earnings of 24 cents a share, according to First Call/Thomson Financial. Speak your mind Discuss this story with other people. [Start a Conversation] (Requires Yahoo! Messenger) Qualcomm stock, which was one of the highest flying issues last year, jumped to 119 in after-hours activity after falling 4 11/16 to 112 3/16 in regular Nasdaq trading. The stock is well below its year-high of 200, but far above its 52-week low of 15 6/16. Proforma revenues rose to $649 million from $558 million, while overall revenues fell to $728 million from $932 million. During the latest quarter, Qualcomm completed the sales of its mobile-phone manufacturing business to Japan's Kyocera for $235 million. Qualcomm sold the unit to focus on licensing its CDMA (code division multiple access) technology that is at the forefront of a new generation of wireless communications. ``As expected, second quarter revenues reflected lower shipments in our chip business,' Qualcomm Chairman Irwin Jacobs said in a statement. He said, however, that industry inventories had returned to normal levels and that the company expected a strong second half with record shipments of so-called MSM chips for handsets and infrastructure equipment. Qualcomm said that based on current indications and strong acceptance of newer MSM chip models, it expected its third fiscal quarter MSM chip shipments to exceed first fiscal quarter shipments of 14.5 million. Second quarter shipments fell to 11.2 million from the first quarter, but were still above the 9 million shipped a year earlier, the company said. ``We recorded a book-to-bill ratio over one at the end of the second quarter,' Qualcomm President Richard Sulpizio said on a conference call. ``We expect third quarter shipments will be higher than first quarter shipments. The company also said it expected its proforma earnings per share to meet the current analysts' consensus estimates of 27 cents a share for the third quarter of fiscal 2000 due principally to expected growth in chipset and system software revenues and profits. Jacobs said Qualcomm was ``trying to keep things moving forward' in China, where the roll-out of its mobile phone technology has been suspended since February. ``Every indication is that things are moving, but slowly,' Jacobs said on the call. He said the delays might be related to the current battle in Washington over granting China permanent trading normal trade relations -- a status that would guarantee Chinese goods the same low-tariff access to U.S. markets as products from nearly every other nation. In February, Beijing suspended the roll-out of Qualcomm's CDMA technology in that country. The suspension came just a week after the company signed an agreement in Beijing for China's No. 2 state-carrier China Unicom to build a national network using Qualcomm's CDMA mobile phone standard. ``We continue to have our ongoing activities in China. We're talking with a number of manufacturers. We're talking with a number of government agencies. We're trying to keep things moving forward.' E-mail this story \| Printer-friendly format Earlier Stories Qualcomm Reports Stronger-Than-Expected Earnings (April 18) Full Coverage See a Yahoo! special report on Corporate Earnings Related News Stories ú Bruised Microsoft Seen Meeting Third Quarter Earnings - Reuters (Apr 18, 2000) ú Dun & Bradstreet First Quarter EPS Rises - Reuters (Apr 18, 2000) ú AOL Profit, Subscriber Base Rise - Reuters (Apr 18, 2000) ú Intel Profit Tops Wall St. Estimates - Reuters (Apr 18, 2000) ú RealNetworks Profits Edge Estimates - Reuters (Apr 18, 2000) ú Reuters Revenues Up 8 Pct. in 1st Q - AP (Apr 18, 2000) ú McGraw-Hill Earnings Nearly Double - AP (Apr 18, 2000) ú Mellon Reports Increase in Profits - AP (Apr 18, 2000) ú Weyerhaeuser Profit Beats Wall Street - Reuters (Apr 18, 2000) ú Data Storage Giant EMC Profits Up Sharply - Reuters (Apr 18, 2000) More In Full Coverage Earnings Conference Calls ú Yahoo! Broadcast - by company and date. 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