Annual Report Response from Qualcomm

Mike Jones on

I am suspicious of any major company in the U.S. that does not produce an annual report to its stockholders. Qualcomm feels that the financials they file with the government should be adequate but I disagree.

Most companies bite the bullet and tell you how well they did (or didn't do) last year. Then they report their planned activities and estimate their financials for the following year Such a report is not inexpensive but it gives a better indication of management's planning and execution than their required government filing which gives no hint of future plans and goals. I am quite unimpressed with Qualcomm.

Mike Jones

Wall$treet Wannabees

Bloomington, MN

----- Forwarded Message -----
From: Investor Relations <www-ir@qualcomm.com>
To:
Sent: Thursday, March 26, 2015 12:13 PM
Subject: Re: Annual Report

Hi Mr. Jones,

I am sorry that you were not able to easily locate information on our website. Please note that we do not produce a glossy style annual report. Our Annual Reports on Form 10-K can be found under Financial Information at http://investor.qualcomm.com/annuals-proxies.cfm or http://investor.qualcomm.com/sec.cfm?DocType=Annual&Year=&SortOrder=Date+Descending&FormatFilter =

Thank you,
Kelley
Qualcomm Investor Relations

At 07:19 AM 3/26/2015, you wrote:

The following question was submitted via the Qualcomm Incorporated website by Mike Jones:

Why do you not provide access to your annual report on your website? The Investor Relations tab is not useful. I don't want Edgar reports, I want what you should be providing to your stockholders.

Qualcomm Incorporated
5775 Morehouse Drive
San Diego, CA 92121
Shareholder.com does not review, approve, filter or alter the contents of comments submitted by our clientsa€(TM) customers. Shareholder.com does not warrant or otherwise assume legal responsibility for the comments received by it on behalf of its clients. We advise our clients to assess whether such review, approval, filtering or alteration is advisable and, if so, to perform such actions at their own discretion.

NASDAQ OMX 235 Donald J Lynch Blvd, Marlborough, MA 01752 | 800/990-6397

Laurie Frederiksen on

Hi Mike,

10-K required annual filings are very extensive and contain a lot of material that is easily read and digested including a management discussion and analysis of their business and an extensive discussion of the risk factors they see. I wouldn't write it off.

Companies are not required to discuss future plans. They may not want to tip their hand to competitors or they may not want to be held to statements they can't execute on. It is certainly up to you whether you want to invest in a company that doesn't provide any guidance, but positive spin in glossy annual reports isn't necessarily always useful either.

Have you listened to the company conference calls or read transcripts? Companies often discuss future plans and give guidance in those also.

Interestingly enough, I just got a report by Trefis that I thought gave an interesting overview on QCOM. You might find this interesting also:

Factors that Can Lead to a Significant Decline In Qualcomms Valuation

Laurie Frederiksen
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On Thu, Mar 26, 2015 at 1:43 PM, Mike Jones <oracle_guy_2@yahoo.com> wrote:

I am suspicious of any major company in the U.S. that does not produce an annual report to its stockholders. Qualcomm feels that the financials they file with the government should be adequate but I disagree.

Most companies bite the bullet and tell you how well they did (or didn't do) last year. Then they report their planned activities and estimate their financials for the following year Such a report is not inexpensive but it gives a better indication of management's planning and execution than their required government filing which gives no hint of future plans and goals. I am quite unimpressed with Qualcomm.

Mike Jones
Wall$treet Wannabees
Bloomington, MN

----- Forwarded Message -----
From: Investor Relations <www-ir@qualcomm.com>
To:
Sent: Thursday, March 26, 2015 12:13 PM
Subject: Re: Annual Report

Hi Mr. Jones,

I am sorry that you were not able to easily locate information on our website. Please note that we do not produce a glossy style annual report. Our Annual Reports on Form 10-K can be found under Financial Information at http://investor.qualcomm.com/annuals-proxies.cfm or http://investor.qualcomm.com/sec.cfm?DocType=Annual&Year=&SortOrder=Date+Descending&FormatFilter =

Thank you,
Kelley
Qualcomm Investor Relations

At 07:19 AM 3/26/2015, you wrote:

The following question was submitted via the Qualcomm Incorporated website by Mike Jones:

Why do you not provide access to your annual report on your website? The Investor Relations tab is not useful. I don't want Edgar reports, I want what you should be providing to your stockholders.

Qualcomm Incorporated
5775 Morehouse Drive
San Diego, CA 92121
Shareholder.com does not review, approve, filter or alter the contents of comments submitted by our clientsa€(TM) customers. Shareholder.com does not warrant or otherwise assume legal responsibility for the comments received by it on behalf of its clients. We advise our clients to assess whether such review, approval, filtering or alteration is advisable and, if so, to perform such actions at their own discretion.

NASDAQ OMX 235 Donald J Lynch Blvd, Marlborough, MA 01752 | 800/990-6397

Mark Eckman on

Mike - After decades of working in very large company external reporting groups I can safely say you underestimate the information in the 10-K. At one point in my career, I read annual reports daily as part of my job. Pretty as they may be, they don't say much and frankly bore me. (My wife can't understand why I don't like to read for pleasure anymore.) The annual report content typically comes from a PR firm, not the management of the company, Berkshire Hathaway being the grand exception.

Consider the rules the SEC has laid out for public disclosure. They tell companies what they must provide and what they cannot provide. So in the narrow range remaining what do you feel you are missing that you don't see on EDGAR? You want to know the company strategy? Read the MD&A in the 10-K. Want to know how or why they pay executives? Read the Compensation Discussion & analysis in the 10-K. Want to know what might go wrong? Read the risks in the 10-K. Why did results look strange or how did the company acquire that new group? Read the financial statement footnotes in the 10-k.

I would also opine that when companies voluntarily provide more information those that gain the most are those that disclose only the requirements. This is a key advantage to for ADR shares. Non-US companies can avoid SEC requirement to file a 10-Q every 3 months along with a multitude of other data.

Public disclosure is a good thing, but it is so tightly controlled, if it's not on EDGAR you don't miss much except the bill for to produce it.

Mark Eckman CPA

On Thu, Mar 26, 2015 at 12:43 PM, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:

I am suspicious of any major company in the U.S. that does not produce an annual report to its stockholders. Qualcomm feels that the financials they file with the government should be adequate but I disagree.

Most companies bite the bullet and tell you how well they did (or didn't do) last year. Then they report their planned activities and estimate their financials for the following year Such a report is not inexpensive but it gives a better indication of management's planning and execution than their required government filing which gives no hint of future plans and goals. I am quite unimpressed with Qualcomm.

Mike Jones
Wall$treet Wannabees
Bloomington, MN

----- Forwarded Message -----
From: Investor Relations <www-ir@qualcomm.com>
To:
Sent: Thursday, March 26, 2015 12:13 PM
Subject: Re: Annual Report

Hi Mr. Jones,

I am sorry that you were not able to easily locate information on our website. Please note that we do not produce a glossy style annual report. Our Annual Reports on Form 10-K can be found under Financial Information at http://investor.qualcomm.com/annuals-proxies.cfm or http://investor.qualcomm.com/sec.cfm?DocType=Annual&Year=&SortOrder=Date+Descending&FormatFilter =

Thank you,
Kelley
Qualcomm Investor Relations

At 07:19 AM 3/26/2015, you wrote:

The following question was submitted via the Qualcomm Incorporated website by Mike Jones:

Why do you not provide access to your annual report on your website? The Investor Relations tab is not useful. I don't want Edgar reports, I want what you should be providing to your stockholders.

Qualcomm Incorporated
5775 Morehouse Drive
San Diego, CA 92121
Shareholder.com does not review, approve, filter or alter the contents of comments submitted by our clientsa€(TM) customers. Shareholder.com does not warrant or otherwise assume legal responsibility for the comments received by it on behalf of its clients. We advise our clients to assess whether such review, approval, filtering or alteration is advisable and, if so, to perform such actions at their own discretion.

NASDAQ OMX 235 Donald J Lynch Blvd, Marlborough, MA 01752 | 800/990-6397

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