Qualcomm reported $684.02 million revenue for quarter ended Dec. ...
Qualcomm reported $684.02 million revenue for quarter ended Dec. 31, down from $1.12 billion same period of 1999, reflecting in part sale of its cellphone operations. Based on pro forma results, which exclude one-time charges such as those related…
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to Globalstar, $684 million in quarterly revenue was up from $635 million for year earlier. Qualcomm reported quarterly net loss of $228.7 million, vs. $177.1 million profit for same period of 1999. Earlier this month, Globalstar failed to make $22 million principal and interest payment to Qualcomm. Qualcomm said it has $595 million in charges related to reserves against certain Globalstar assets and for related earnings. “We anticipate further growth domestically and internationally during fiscal 2001 with increasing focus on third-generation CDMA deployment,” Qualcomm Chmn. Irwin Jacobs said: “Our satellite businesses, however, have been impacted by economic and capital market conditions, and by Globalstar’s recent decision to suspend payment on its funded debt and to study its options, including restructuring.” Qualcomm said it was sticking by forecast of 90 million CDMA phones expected to be sold in 2001 and 20% drop in the average sales prices of those units.