Qualcomm Disappoints Wall Street in Third Quarter

San Diego wireless tech whiz Qualcomm came in with blah results in its fiscal third quarter, announced today (July 22). Sales were $2.75 billion compared with $2.76 billion a year earlier. Earnings per share, excluding one-time items, were 54 cents, compared with 55 cents a year ago. They were 2 cents better than analysts had predicted. The company said fourth quarter sales will be $2.65 billion, down 18% from a year ago. The company, which sells chips to mobile phone makers such as Nokia, said that the chipset business looks good. It is raising its forecast for the fourth quarter. The stock is down 3.57% in after-hours trading.

Comments

Isn't this the company that just had its founder back out of the last hold he had on managing the operation? I'm talking of Irwin Jacobs. His son now runs the operation. Does that bother you? It does me. I now own no Qualcomm stock. Family dynasties and successful corporations seldom go together. Oh, there have been a handful of exceptions. But I'll bet this is not one of them.

Response to post #1: Yes, the CEO is the son of Irwin Jacobs. When he first took the position, there was a good deal of skepticism at managerial levels. He seems to have done well in his short period at the top, but he is not really tested yet. Best, Don Bauder

Response to post #2: The stock is above $31 and still pays a decent dividend ($1) with a yield of 3.2%. The company has managed to diversify successfully. It's no longer a one-product company. The genius behind the company's growth, John Barry, just died. Best, Don Bauder

It's always nice to be able to call the boss by his first name... "Dad"

"The genius behind the company's growth, John Barry, just died."

Yep, there new ceo was on the news today.

I think he was an Aussie.

Response to post #5: There was a television show that described the control of Qualcomm: "All in the Family." Best, Don Bauder

Response to post #6: He's an Aussie, but he is not a new CEO. He has been CEO for a number of years. Best, Don Bauder

It's not rational for Irwin's son to continue running the business, particularly in light of his recent $180 million paycheck. He should retire and devote the remainder of his life to good works and philandery.

Response to post #9: I am sure you meant philanthropy and not philandery. Best, Don Bauder

phi⋅lan⋅der  /fɪˈlændər/

–verb (used without object) (of a man) to make love with a woman one cannot or will not marry; carry on flirtations.

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Response to post #11: I have never heard such a thing and don't believe it. Best, Don Bauder

Response to post #12: I repeat: I have never heard of this and don't believe it. Best, Don Bauder

I did in fact mean philanthropy, not philandery.

I thought a philanderer was a coin collector.

Response to post #15: I know some worthy causes to which he could contribute. San Diego Opera, for one. Best, Don Bauder

Response to post #16: A philanderer is a coin collector if he gets paid for the services he provides. My guess is that for every one male prostitute, there are 100 female prostitutes. This is based on anecdotal evidence, not science. Best, Don Bauder

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