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

To: Jordan Levitt who wrote (112723)	2/8/2002 7:38:48 PM
From: Maurice Winn	Read Replies (3) \| Respond to of 152472

There's another accounting problem at QUALCOMM. They have called shares given in lieu of licensing fees 'revenue' [in part anyway] but they have concealed heaps of actual cash received [$400 million] in the R&D department instead of putting it on the bottom line. This has totally deceived those in the sharemarket [more so than the $7 million 55 million shares went hysterical over today] and nearly everyone thinks that profits are less than $1 a share [annualized]. In fact profits are really $1.50 of actual cash in the bank if we put the R&D back on the bottom line where it belongs. By hiding it in the R&D department, they are stopping the tax department getting it and also leveraging their monopoly in CDMA [don't mention this to the anti-trust people who are prone to foam at the mouth] into other spheres [a bit like Microsoft has leveraged their operating system into many other add-ons which they offer 'free'.] QUALCOMM's "One royalty - all patents" is the same thing. Not only that, they are squeezing more and more stuff into a single ASIC. They are embracing and extending Bluetooth, 80211, GSM, W-CDMA, [and trying to make GPRS work]. It's been cunning of QUALCOMM to draw attention away from the huge, sneaky, $400 million R&D payments so that people focus on the $7 million shares in lieu of cash. Also to employ Tony Thornley quarter of a century after leaving an accountancy firm as a red herring to keep the feds off the trail of the huge monopoly profits concealed in the accounts. Mqurice