Qualcomm Reports Great Earnings, Helps Lift Market

San Diego-based Qualcomm reported smashing quarterly earnings today (April 20). So did Apple Computer. Qualcomm's chips are inside Apple's iPhone and more than half of all new smartphones based on Google's rival Android system, according to the Associated Press. Smartphones equal smart performance. Qualcomm reported second quarter earnings of 59 cents a share, up from 46 cents a year earlier. Revenue was $3.9 billion, up from $2.7 billion in the same quarter a year earlier. The shares are up more than 5% in after-hours trading. Meanwhile, Apple enjoyed a 95% earnings gain in its second quarter; earnings per share were $6.40, up from $3.33 a year earlier. Strong iPhone and iPad sales propelled Apple's success. The stock market had a strong day today, although both companies reported after the closing. Futures markets are up strongly in early Thursday trading, and Asian markets seem to be celebrating the U.S. tech sector's good fortune. Earlier this week, Intel and IBM reported strong earnings.


Does this mean that Paul Jacobs is really worth all those millions he is paid every year? Does it also support the use and overuse of H-1B visas to bring the majority of the engineering staff here from India? These things sure get complicated.

Frankly, I don't think anybody is worth $17.6 million a year, which is what Paul Jacobs, 48, rakes in. The H-1B program probably helps enhance Qualcomm's bottom line, but smartphones are much bigger contributors now. Best, Don Bauder

Looking through the wages that Qualcomm is paying their H-1B staff (which is public info), it's pretty clear that the program adds to Qualcomm's bottom line to the tune of somewhere between $100M to $300M per year. Or somewhere right around 1/10th of earnings. It's a good example of corporate welfare going to a fortune 500 wireless monopoly and paid for off the backs of American workers.

It's a good example of corporate welfare going to a fortune 500 wireless monopoly and paid for off the backs of American workers.

Most people IMO are aware of this, and the only ones claimign otherwise of the CEO's of these tech companies-liek Bill Gates.

It is going to destroy the country-as we are now seeing. There should not be a SINGLE H-1B visa issued until our U-6 Unemployment Rate is below 6%.

surfpuppy619 it's hard to tell if you're being facetious or not,given your want for exaggeration, though I suspect you to be serious. What you are in effect saying is that there shouldn't be any H-1b visas issued in your lifetime. The last time the u6 rate reached 6% was over 40 yrs ago. Back around 1967 thru about 1970 or so. At that time the u3 rate was in the 3% range. I can recall that being attributed to increased defense spending during the Vietnam war. Even back in 2000, when the u3 rate dipped back in that range, the u6 rate was still 7% or higher. Before that you have to go back to WWII and the early 50's, when enemployement was well inder 5%, obviously due to the war and the post war housing boom. I'm sure that the beginnings of us boomers didn't hurt, either, what with everthing you need to take care of a bunch of pregnant women and their babies. LOL I don't see unemployment dropping below 4% in my lifetime, I'm 60, nor do I see u6 dropping below 6%. But let me ask you this. How many H-1b visa holders do you think there are in this country? What do you think the total number of unemployed is and how many of those would be equipped to take jobs those H-1B visa holders have?

The vast chasm in wealth and income between the richest 5% and the rest of Americans is one factor that will ultimately destroy our society. But business is too shortsighted, too greedy, and too short-term-oriented to do anything about it. Best, Don Bauder

I can remember in the 1950s and 1960s when corporations actually cared about their employees and their communities. Now they only care about their shareholders -- particularly the shareholders who happen to be top officers of the company. In a word, it's greed. Unfortunately, this mentality has become cemented into the law. If a publicly-held corporation actually did something for a community or for its employees, instead of for shareholders, it could get sued. Best, Don Bauder

Wasn't there something called civic pride and corporations were the leaders in civic endeavors. Only, back then they didn't have their name on everything.

Back then big business was content to stay in the background and quietly conduct itself with civic responsibility by making sustainable choices.

Not all of course were so responsible. There has always been the cheap, suck em dry kind of businessman, but that guy was the exception, not the rule.

Fifty years ago things were different.

The cheap, suck em dry kind of businessman is everywhere now, and has become the rule.

We are all suffering because of it.

How do we rein in greed and corruption and correct injustice when these three things are overwhelming our systems?

I sought the answer to this question because the level at which I hear about greed, corruption and injustice, raises my blood pressure.

I have let go of the hope of seeing justice for myself, but I can witness, and add my voice in seeking justice for others.

That thought, keeps me focused, and hopeful, and peaceful.

And of course, firearm free.

I also agree with you that nobody is worth $17.6M. In the corporate world everyone is replaceable...

Back in the 1950s and 1960s, CEOs made from 35 to 75 times what the average worker made. Now the ratio is above 300. Nobody is that important -- or that good, particularly since so much of earnings today are manufactured with an accountant's pencil. Best, Don Bauder

Frankly, I don't think anybody is worth $17.6 million a year,

The ONLY reason they get this much is because the Board is stacked with other CEO's and they all play the game of leap frog to line their own pockets.

And they all say the same thing, they "need to pay" these comp packages to be "competitive", it is the exact same line the public unions use to artificially inflate their compensation.

Yes, corporate boards are greatly to blame for implanting the cancers that are destroying us. Best, Don Bauder

I hate to burst your balloon, Railsplitter, but that fellow you put forward for president or governor, me, turns 75 in one month. If I ever had a steel trap mind (and I'm not sure I ever did), it is already turning into cotton. Although he is not as old as I am, I'm sure, Visduh may be close to being considered a senior. I think SurfPuppy is about middle age, so he could run for mayor. Pass the hat. Best, Don Bauder

When I hear a government official talking out of both sides of his/her mouth, I turn to my wife and say how lucky we are that neither of us got into politics. I watched Bernanke the other day; his nose was 3 feet long at one point during the press conference. When Bernanke and Geithner say that they want to get unemployment down, their noses grow exponentially. Best, Don Bauder

"Close to being considered a senior" am I? Not so, and I have a Medicare card to prove it! (Oops) There are days when I'm still the young guy fresh out of school, full of expectations. Then there are the days when I think I'm a contemporary of Methuselah. Must be an age of transition.

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