SAN DIEGO -- June 21, 2002 -- Qualcomm Incorporated (Nasdaq: QCOM), pioneer and world leader of Code Division Multiple Access (CDMA) digital wireless technology, today announced it expects pro forma earnings per share, which excludes Qualcomm Strategic Initiatives (QSI), to meet or exceed the high end of the previously announced range for the third quarter of fiscal 2002. The Company had previously indicated pro forma earnings per share of $0.21-$0.23 per share in the third fiscal quarter. The Company also announced that it expects to achieve or exceed the high end of its previous guidance of 15-16 million MSM™ phone chip shipments. Further, the Company is experiencing strong order input for the fourth fiscal quarter ending September 29, 2002.
This strong outlook is due to increasing demand for CDMA products across all major regions of CDMA deployment. Key drivers include the rapid worldwide growth of third-generation (3G) CDMA2000 1X networks, BREW™ applications and gpsOne™ position location capabilities. There are currently over 10 million reported subscribers of CDMA2000 1X services and approximately two million users of gpsOne position location products and services.
Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company's CDMA digital technology. Headquartered in San Diego, Calif., Qualcomm is included in theS&P500 Index and traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
This release contains, in addition to historical information, forward-looking statements (including, without limitation, statements about the Company's anticipated pro forma earnings per share for the third fiscal quarter, shipment levels for its MSM chips and order levels for the fourth fiscal quarter) that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks include: global economic conditions; the rate of adoption of 3G CDMA technology and wireless networks; our dependence on a limited number of significant customers; risks associated with international business activities; currency fluctuations; dependence on third party manufacturers and suppliers; and the other risks discussed in its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission.
Qualcomm is a registered trademark of Qualcomm Incorporated. MSM, BREW and gpsOne are trademarks of Qualcomm Incorporated. All other trademarks are the property of their respective owners.
June 21, 2002June 21, 2002Qualcomm Expects Improved Earnings in June 2002 QuarterQualcomm Expects Improved Earnings in June 2002 Quarter