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To: Eric L who wrote (1020)	7/26/2001 5:59:03 PM
From: Eric L	Respond to of 9255

re: Qualcomm FQ3 Earnings. CC Webcast in progress now. Earnings Statement here: qualcomm.com * CY 01 Handset Forecast reduced to 75M * FY 01 1x MSM chips still forecast at (almost) 6M * Qualcomm reported pro-forma net income for its fiscal third quarter ended June 30 declined to $174.4 million, or 22 cents a share, from $218.1 million, or 27 cents, in the year-ago quarter. Analysts had estimated Qualcomm's third-quarter earnings in a range of 19 cents to 21 cents, with a mean of 21 cents a share. * The company's net loss for the quarter was $275 million, or 36 cents a share, including a pretax charge of $241 million related to its investment in Vesper Companies and $185 million in income tax expense. That compared with a net profit of $155 million, or 19 cents a share, in the same period a year ago. >> Qualcomm Third-Quarter Earnings Fall 20 Pct July 26, 2001 Reuters Wireless technology company Qualcomm Inc. (QCOM) on Thursday reported its fiscal third-quarter earnings fell 20 percent due to soft demand for the company's chips as a weaker global economy and lower royalties and licensing fees weighed on results. The San Diego-based firm also slightly trimmed its fiscal 2001 earnings forecast and set a fourth-quarter outlook, but added it expects to increase its revenues and profits in 2002 thanks to the deployment of new technology and increased market share in the wireless market. Qualcomm reported pro-forma net income for its fiscal third quarter ended June 30 declined to $174.4 million, or 22 cents a share, from $218.1 million, or 27 cents, in the year-ago quarter. Analysts had estimated Qualcomm's third-quarter earnings in a range of 19 cents to 21 cents, with a mean of 21 cents a share, according to a poll of 20 brokers by market research firm Thomson Financial/First Call. Pro forma revenues fell 10 percent to $640 million from $714 million last year. The company's net loss for the quarter was $275 million, or 36 cents a share, including a pretax charge of $241 million related to its investment in Vesper Companies and $185 million in income tax expense. That compared with a net profit of $155 million, or 19 cents a share, in the same period a year ago. Qualcomm said it expected to report operating earnings of about 25 cents a share in the fourth quarter -- in line with analysts' expectations -- while revenues are expected to rise about 10 percent compared with the third quarter. It said it expects to earn $1.04 a share for the year, including a 7-cent loss related to its business with troubled satellite telephone firm Globalstar LP. Qualcomm said in April it expected to earn about $1.05 a share for the year. Analysts expected it to earn $1.03 for the full year, according to First Call. Qualcomm's shares closed up 7 cents at $59.66 in Thursday trading on the Nasdaq. Over the past year, they have outperformed the Standard & Poor's Communications Equipment index by about 324 percent. The company was one of the hottest stocks during the technology boom in 1999 and early 2000, and its stock reached as high as $200 in January of last year, before tumbling three months later. Qualcomm said in April it expected to earn 21 cents a share in the third quarter, sharply lower than the 33 cents analysts had expected at the time, according to First Call. It blamed the lower forecast on soft demand for its chips due to the weaker global economy. The company's CDMA, or code division multiple access, mobile phone technology competes with two other global standards, including the GSM, or global system for mobile communications standard that dominates Europe and Asia. Qualcomm receives royalties based on the prices of CDMA devices. << - Eric -