On Tuesday, we announced Q2 earnings. It was our biggest quarter in terms of revenue and EPS but the stock continues to drop anyway. I think part of it was our CFO confusing everyone with his operating expense guidance comments. I helped forecast those numbers and I wasn't sure what he was saying. The takeaway became, "Since we sold more stuff, we're going to spend more money, and here's some weird accounting stuff." Right now the stock price is at $24.12 which is down $3.45 from Tuesday's close; it's also down ~$2 since the beginning of this year. News last night that Qualcomm and Nokia kissed and made up probably contributed to the huge drop this morning as well.
Oh yeah, our CEO will probably end up getting a $500k+ bonus this year, regardless of stock performance, while everyone below a director title (no bonus) watches our equity compensation dwindle further. From the 8-K filing above, maybe Henry Samueli feels our pain since he holds a lot of BRCM stock; his annual salary has been $1 for the past 6 years, ever since our first round of layoffs.
The Compensation Committee did not establish the base salary for the Chairman of the Board and Chief Technical Officer of the company, Dr. Henry Samueli, whose annual base salary will remain at the nominal level of $1.00 for 2008, in accordance with his voluntary agreement to maintain his base salary at that amount. In addition, Dr. Samueli voluntarily did not participate in the Executive Officer Performance Bonus Plan for 2007.
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