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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 58.790.0%Jun 20 8:00 PM EDTNews

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To: Jim Mullens who wrote (141180)1/2/2018 2:46:13 PM
From: slacker7111 Recommendation

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Lance Bredvold

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there appears to be some question as to the severity of cuts to revenue, employment, and R&D should BRCM prevail and acquire QCOM via a hostile takeover.



Dont worry, I think I am the only one who is questionging the R&D cuts. Everybody else I have read agrees with you.


BRCM R&D expenditures- ($B) (Reuters F14/15, F16-18 Credit Suisse (ex-SBC) BRCM report 12/17
.................Rev...........R&D ........%
FY 14.......$ 4.3B........$0.7B.......16.2%
Fy 15............6.8............1.0.........15.3%
Fy 16..........13.3............2.2.........16.8%
Fy 17-q1 ..... 4.1............0.7.........16.0%
..........q2.......4.2............0.7.........16.1%
..........q3.......4.5............0.6.........14.6%
..........q4E....4.8.............0.7........13.6%
........tot.......17.7............2.6.........15.0%
Fy18 est.....20.9............2.7.........13.0%





These numbers must be non-GAAP because they dont match Broadcom's 10k.

sec.gov


Research and development expense increased $618 million, or 23%, in fiscal year 2017. Research and development expense remained relatively flat as a percentage of net revenue at 19% and 20% for fiscal years 2017 and 2016, respectively.

Qualcomm's GAAP R&D as a percentage of revenues are higher than your post.

Last four years.

20.68% 21.72% 21.87% 24.61%


This year has been impacted both by higher spending and the reduced revenues.

Qualcomm spends more on R&D than Broadcom but the numbers arent nearly as far as off as I expected. OTOH, Broadcom does have extraordinarily low SG&A....4% of revenues in FY17.


Slacker
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