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Qualcomm quarterly forecast underwhelms, but signs of market recovery lift shares
- On Wednesday, Qualcomm reported second-quarter revenue of $10.6 billion with adjusted earnings of $2.65 per share, meeting expectations while posting record automotive growth.
- Handset revenue fell 13% as smartphone makers, particularly in China, reduced build plans due to memory supply shortages, though CEO Amon believes the company is now "calling the bottom."
- Automotive revenue reached a record $1.3 billion, up 38%, while the company prepares to ship custom data center silicon to a leading hyperscaler in December, marking strategic diversification.
- "We are in a period of profound industry transformation," Amon said, noting that AI agents are reshaping the company's roadmap across platforms including 6G initiatives and agentic smartphone devices.
- For the third quarter, Qualcomm forecasts revenue of $9.2 billion to $10 billion, with management planning to detail growth initiatives at an Investor Day on June 24.
21 Articles
21 Articles
Qualcomm stock surges 20% after earnings tease a mystery chip deal
Joan Cros/NurPhoto via Getty ImagesQualcomm stock jumped after announcing a custom chip deal with an unnamed hyperscaler.The stock was up as much as 20% during Thursdays trading session.The custom chip is expected to ship in December, the company signaled.Qualcomm stock skyrocketed after the chipmaker revealed a custom chip deal with an unnamed hyperscaler customer.The stock was trading 16% higher at $180.97 around 12:15 pm ET on Thursday, jumpi…
Wall Street Lifts Qualcomm Price Target to $160 on AI Ramp: Is the Hyperscaler Catalyst Real?
The post Wall Street Lifts Qualcomm Price Target to $160 on AI Ramp: Is the Hyperscaler Catalyst Real? appeared first on 24/7 Wall St.. Quick Read Qualcomm (QCOM) reported Q2 FY2026 revenue of $10.599B with four consecutive quarterly beats, while automotive revenue surged 38% to a record $1.326B and the company plans to ship an AI ASIC to a major hyperscaler in Q4 2026. Three Wall Street firms—Citi, JPMorgan, and Wells Fargo—unanimously raise…
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