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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: Jim Mullens who wrote (92349)	6/10/2010 12:26:02 PM
From: planetsurf	4 Recommendations Respond to of 196625

imo, THIS is the most telling metric when I value the job that upper management (IJ, PJ, etc) does (from your Jan post): startquote Key Metrics Summary- ………………………………..2000…..2008…..2009…....2010 est………’00 v ’10 % inc CDMA/ WCDMA Devices…….66M.....480M…..518M…..625M……………...847% Headcount………..………….6,300….15,400…16,100….17.000?.................169% EPS…………………………….$0.85…..$1.90….$0.95…..$1.76 mp GAAP…107% ………………………………………………………FY10.….$2.20 mp PF ………………………………………………………FY11…...$2.46 PF Consensus + 12% * ………………………………………………………FY12…..$2.76 PF Consensus + 12% ** * note 1- QCOM being fabless, proportional headcount growth is not required to support increased chipset volumes. In fact, chipset volumes / scale should enable margin expansion. ** note 2- EPS growth should be much better than 12%, at least 15% IMO with- (per Morgan Stanley) endquote I would assume that the Flarion acquisition in 2005 contributed a lot to that headcount jump between 2000 & 2008. Not too great, not too bad. Personally I'm waiting to see the official estimates for 2011-21012 before I pull out my pitchforks and torches ("Throw the CEO down the well!!"). Hopefully most of the headcount reductions can be achieved via attrition (and “weeding out the dead wood”), but this will probably not be enough given QUALCOMM’s stature as one of America’s best companies to work for (low turn-over) and the current economic conditions. Do companies offer "retirement" buyouts anymore? There have got to be plenty of old-timers who did pretty well with options, just not enough to retire. Might be a way to cull w/o risk to their "Great Comp to Work For" status.