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Bear Stearns Cuts Qualcomm Estimates

Bear Stearns cuts Qualcomm (QCOM) estimates.

Analyst Wojtek Uzdelewicz says its first-quarter is mostly in line, but its 26 cents second-quarter earnings per share view missed 30 cents consensus on disappointing outlook for chipsets, revenue, earnings per share, and CDMA handset sales.

He says the company leaves unanswered questions like: 1) how can it raise its fiscal 2005 (ending September) view given lower second-quarter guidance; 2) what's driving weaker chipset margins; 3) what is the impact on WCDMA chipset share if Siemens exits the handset business; and 4) implied chipset margins would drop 400 basis points in the second quarter, how 's this possible after a 410 basis-point drop in the first quarter.

Uzdelewicz cuts 31 cents second-quarter earnings per share to 27 cents and $1.24 fiscal 2005 to $1.21. He rates the company at peer perform.

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