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Strategies & Market Trends : Gorilla and King Portfolio candidates - Moderated -- Ignore unavailable to you. Want to Upgrade?

To: Uncle Frank who wrote (310)	11/5/2003 4:41:08 PM
From: Eric L	Respond to of 2955

Qualcomm Guidance ... All in all QCOM completed a great fiscal year. There's good room for upside here, but it will be a challenging fiscal year in transition to 3G3 none the less. Qualcomm First Quarter Fiscal 2004 Guidance Based on the current business outlook, we anticipate that revenues excluding the QSI segment in the first fiscal quarter will increase sequentially by approximately 16-22 percent and decrease year-over-year by approximately 1-6 percent. We anticipate that earnings per share excluding the QSI segment will be approximately $0.37-$0.40 in the first fiscal quarter, compared to $0.42 in the year ago quarter. This estimate assumes shipments of approximately 27-28 million MSM phone chips during the quarter. We expect approximately 106 - 108 million CDMA phones to be sold in calendar 2003. Based on the current business outlook, we anticipate that total QUALCOMM revenues in the first quarter will increase sequentially by approximately 14-20 percent and decrease year-over-year 1-5 percent. We anticipate that total QUALCOMM earnings per share will be approximately $0.25-$0.28 in the first fiscal quarter, including an estimated $0.12 loss per share attributed to the QSI segment, compared to $0.13 per share in the year ago quarter. Based on the current business outlook, we anticipate that revenues excluding the QSI segment will grow by approximately 5-9 percent year-over-year and earnings per share excluding the QSI segment to be in the range of $1.37-$1.43 for fiscal 2004, compared to $1.42 last fiscal year. We anticipate the combination of R&D and SG&A expenses to grow approximately 18-20 percent year-over-year, primarily to serve the expanding market for CDMA2000 and WCDMA chipsets. We estimate the CDMA phone market to be 131-136 million units in calendar 2004, and we estimate a decrease of approximately 8 percent in average selling prices of CDMA phones for fiscal 2004, upon which royalties are calculated, compared to an estimated decrease in fiscal 2003 of 2 percent. Based on the current business outlook, we anticipate that total QUALCOMM revenues will grow by approximately 3-7 percent year-over-year and total QUALCOMM earnings per share to be in the range of $1.17-$1.23 for fiscal 2004, up 16-22 percent year-over-year, including an estimated $0.20 loss per share attributed to the QSI segment. qualcomm.com - Eric -