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To: Cactus Jack who wrote (51877)	5/22/2002 1:02:46 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

QCOM--Tuesday May 21, 11:09 pm Eastern Time Qualcomm Reaffirms Profit Outlook for Fiscal Third Quarter, Full Year SAN DIEGO -- Qualcomm Inc. (NasdaqNM: QCOM - News) said Tuesday it is on track to meet fiscal third-quarter expectations thanks to strong demand for its code division multiple access chips. The San Diego company, which makes chipsets and licenses patents based on a wireless technology known as CDMA, said it expects earnings, excluding items, of 21 cents to 23 cents a share for the quarter ending June 30 . Analysts surveyed by Thomson Financial/First Call are looking for earnings of 22 cents a share. Qualcomm projects revenue of $679.1 million to $698.9 million, a 3% to 6% rise from the second quarter's $659.3 million. Qualcomm said the third-quarter outlook assumes it will ship 15 million to 16 million Mobile Station Modem, or MSM, phone chips and about 10 million 3G CDMA2000 1X phone chips. Qualcomm said it still expects a 5% to 10% annual decrease in prices for CDMA phones. The outlook matches the one the company provided when it reported fiscal second-quarter results in April. At the time, the company blamed the drop in average selling prices on sluggish demand for high-end handsets from South Korean and Japanese customers. Set to hold its spring investors meeting with analysts Wednesday in New York , Qualcomm Tuesday also reaffirmed its full-year guidance for fiscal 2002. Qualcomm said it expects to earn 90 cents to 95 cents a share, excluding items, on revenue growth of 4% to 8% for fiscal 2002. Analysts surveyed by First Call are looking for earnings of 89 cents a share. The company said its full-year forecast is based on the sale of 80 to 85 million CDMA phones, with a 5% to 10% annual decrease in average selling prices of the phones from which Qualcomm collects royalties.