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20:45
Jul 29 ◎

QCOM FY2026 Q3 Watch

QUALCOMM Incorporated (QCOM) FY2026 Q3 Earnings Call

QCOM AAPL 005930.KS GOOGL MSFT ▾

Cristiano Amon

Management sees near-term headwinds from memory costs and Apple share loss but is confident in a fiscal 2027 growth inflection led by diversification into automotive, IoT, and data center.

"Despite these headwinds, we expect top-line growth for Qualcomm and Cisco 27, driven by an inflection in non-enhanced revenues throughout the fiscal year."

QCOM WATCH

Akash Palkhiwala

Apple's share of Qualcomm modems for the upcoming iPhone launch is 'materially lower' than the prior 20% estimate, implying Apple's internal modem is ramping faster than expected. — This signals Apple's modem self-sufficiency is accelerating, reducing a long-term revenue stream for Qualcomm and increasing Apple's gross margin control.

"we now expect an acceleration in the step-down of Apple product revenues, starting in the fourth fiscal quarter, as our share for upcoming iPhone launch is expected to be materially lower than our prior estimate of 20%."

AAPL WATCH

Cristiano Amon

Samsung continues to rely heavily on Qualcomm for its premium smartphones, a sign of strong product partnership and continued high-end device innovation.

"Our share position at Samsung remains strong, with Snapdragon powering Approximately 70% of their flagship devices."

005930.KS WATCH

Cristiano Amon

Google is deepening its AI PC collaboration with Qualcomm, using Snapdragon chips for Gemini-enabled laptops, expanding the AI compute ecosystem.

"bringing Snapdragon together with Gemini Intelligence for a new generation of AI-first laptops."

GOOGL WATCH

Cristiano Amon

Microsoft is co-developing an enterprise AI platform with Qualcomm, signaling strong demand for on-device AI processing in corporate environments.

"With Microsoft, we're collaborating on Project Solara, a chip-to-cloud platform designed for agent-first enterprise devices."

MSFT WATCH

Cristiano Amon

Automotive annualized revenue run rate exiting fiscal 2026 was raised from $6B to $7B, reflecting faster-than-expected content ramp per vehicle. — Design wins with BMW and Stellantis are converting to revenue faster, indicating a structural increase in automotive semiconductor content that benefits Qualcomm's automotive partners and suppliers.

"we signed a landmark expanded agreement with BMW, winning a highly competitive selection process to become the lead compute silicon provider for their next generation ADAS as well as digital cockpit."

BMW WATCH STLA WATCH

Akash Palkhiwala

China handset revenue bottomed in the June quarter and is expected to return to double-digit sequential growth in the September quarter, driven by normalised channel inventory. — This suggests the inventory correction in the Chinese smartphone market is ending, which will boost demand for memory and other components from suppliers like Micron.

"we estimate that QCT handset revenues from Chinese OEMs reach the bottom in the third fiscal quarter and will return to double-digit sequential growth in the fourth quarter."

MU WATCH

HIGH

20:45
Apr 29 ◎

QCOM FY2026 Q2 Watch

QUALCOMM Incorporated (QCOM) FY2026 Q2 Earnings Call

005930.KS QCOM XIACF ZTCOF BMWYY ▾

Cristiano Amon

Qualcomm's relationship with Samsung is stable at >70% Snapdragon share, and the agentic AI trend may create upward bias.

"greater than 70% share, which is exactly what we have said. You should expect that that is the framework of this year, and that is also the framework for next year."

005930.KS WATCH

Akash Palkawala

Near-term guidance is significantly below the just-reported quarter due to memory-driven inventory destocking in China handsets, but management views this as cyclical and expects a bottom in Q3.

"In the third fiscal quarter, we are forecasting revenues of $9.2 to $10 billion and non-GAAP EPS of $2.10 to $2.30."

QCOM WATCH

Cristiano Amon

Xiaomi is developing agentic AI frameworks on Snapdragon, supporting Qualcomm's thesis of an AI-driven smartphone upgrade cycle.

"Xiaomi's recent announcement of a Mi Claw agent framework and other agentic systems now in development across the Android ecosystem"

XIACF WATCH

Cristiano Amon

ZTE Nubia has launched an agentic AI phone using Qualcomm silicon, an early example of the AI-driven premium smartphone trend.

"the bi-dense Daobao-powered agentic AI phone from ZTE Nubia"

ZTCOF WATCH

Cristiano Amon

Qualcomm's ADAS/autonomous driving solution is performing well with BMW, a key reference for winning other automakers.

"We're pleased with the performance of our automated driving stack with BMW"

BMWYY WATCH

Cristiano Amon

Qualcomm acknowledges NVIDIA's move into the custom/influencing market but positions its own CPU and accelerator as differentiated for agentic inference.

"NVIDIA announced that they are going to focus on the influencing market as well."

NVDA WATCH

Akash Palkawala

Qualcomm maintains its assumption of 20% share in Apple's upcoming iPhone launch, with no product relationship beyond that year; Apple modem replacement is proceeding as expected.

"We've said 20% share of the phones that will launch in fall this year."

AAPL WATCH

Akash Palkawala

Memory industry supply constraints and price increases for AI data centers are causing handset OEMs (especially in China) to reduce builds and draw down channel inventory, resulting in Qualcomm undershipping end demand by a material amount. — Memory supply tightness is distorting handset supply chains; when inventory normalization completes, Qualcomm's handset revenue should snap back to align with sell-through, potentially boosting future quarters.

"The increasing demand for memory in AI data centers was driving uncertainty in memory supply and price increases to handset OEMs. And as a result, the handset OEMs, particularly in China, were taking a cautious approach by reducing build"

MU WATCH

Cristiano Amon

Qualcomm's Snapdragon X2 PC platform is claimed to outperform Intel's newest chip by ~30% on agentic AI workloads, with the world's fastest laptop NPU at 85 TOPS, driving a competitive shift in the PC CPU market. — If sustained, this performance lead could accelerate Qualcomm's share gains in PCs and force Intel/AMD to respond, reshaping the CPU competitive landscape.

"Snapdragon X2 delivers the full agent experience end-to-end and outperforms Intel's Pinter Lake by nearly 30%."

INTC WATCH AMD WATCH

HIGH

21:45
Feb 04 ◎

QCOM FY2026 Q1 Watch

QUALCOMM Incorporated (QCOM) FY2026 Q1 Earnings Call

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