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To: chaz who wrote (23477)	4/25/2000 12:01:00 PM
From: Mike Buckley	Read Replies (1) \| Respond to of 54805

Chaz, If Q's earnings increase at the same year-over-year rate in the next two quarters as the last two quarters I don't think it will be anything other than a coincidence. I'd need to see the fundamental reasons supporting the continued growth. Thinking that they'll do it again because they did it last time is unsubstantiated thinking in my mind. --Mike Buckley

To: chaz who wrote (23477)	4/25/2000 2:03:00 PM
From: JustLearning	Respond to of 54805

Chaz: IMO, your estimates are optimistic. One way to look at it is to start from the pro-forma numbers for FY 99 posted (last week) by investor relatons. Here is the link: qualcomm.com For Q3 2000, if you assume a 38% tax rate (which was the guidance provided in Q2 conference call) and 801M fully diluted shares: For-Q3,assuming 50% YOY proforma eps growth, gives us: .27 assuming 100% YOY proforma eps growth, gives us: .37 To get to .41 for Q3 (which is your number) assumes a 120% YOY proforma eps growth. I think this extremely optimistic. All in my opinion.