– QCOM’s traditional EPS is materially distorted by their accounting for R&D and stock option expenses

– After making the appropriate UAFRS adjustments, it is apparent that while EPS’ is greater than as-reported EPS, EPS’ is expected to decline next year, not grow significantly like as-reported metrics suggest

– Given declines in EPS’ expectation in the next four quarters, QCOM equity may not be as attractive a value opportunity as valuations would initially suggest


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