Group 1 - Qualcomm Incorporated has been assigned a Buy rating due to its growth in non-handset businesses [1] - The company aims to generate $22 billion in revenue from the automotive and IoT markets by FY29, indicating a strategic focus on these sectors [1]

Piper Sandler将高通的目标价从190美元下调至175美元，仍维持"增持"评级。(格隆汇) ...

Company Overview - Proactive is a publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team operates from key finance and investing hubs, including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - The company specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive delivers news and insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Core Viewpoint - Qualcomm's Q3 revenue growth of 10% to $10.37 billion fell short of analyst expectations, leading to a stock decline of over 5.2% [1] Financial Performance - Revenue for Q3 reached $10.37 billion, a 10% year-over-year increase, but below the average analyst forecast of $10.62 billion [1] - Adjusted earnings per share were $2.77, exceeding the expected $2.72 [1] Business Segment Analysis - Revenue from the mobile chip business grew by 7% to $6.328 billion, which was below the analyst expectation of $6.48 billion [1]

Core Viewpoint - Qualcomm's stock experienced a decline of 5.14% on July 31, closing at $150.885 per share, with a total market capitalization of $162.805 billion [1] Financial Performance - As of June 29, 2025, Qualcomm reported total revenue of $33.013 billion, reflecting a year-on-year growth of 14.96% [1] - The company's net profit attributable to shareholders reached $8.658 billion, marking a year-on-year increase of 19.88% [1] Share Buyback Activity - On July 30, Qualcomm announced a cumulative share repurchase amounting to $6.347 billion for the third quarter of 2025 [2] Company Overview - Qualcomm was established in California in 1985 and reformed in Delaware in 1991, focusing on the development, design, and provision of digital communication products and services [2] - The company operates through several segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI) [2] - The QCT segment develops and provides integrated circuits and system software for voice and data communication, networking, application processing, multimedia, and GPS products [2] - The QTL segment grants licenses and provides rights to use parts of the company's intellectual property portfolio [2] - The QSI segment aims to create new or expanded opportunities for its technologies and supports the design and introduction of new voice and data communication products and services [2]

高通公司今日（7 月 31 日）公布了其 2025 财年第三季度（即自然年第二季度）的财务业绩，营收达到 104 亿美元，同比增长 10%，实现了双位数增长。财报显示，在手机芯片业务稳健增长的同时，高通汽 车和物联网（IoT）业务表现抢眼，成为推动公司业绩增长的新动力。 IT之家注意到，作为高通收入主体的 QCT 芯片业务，本季度手机芯片销售额达到 63.2 亿美元，实现温 和增长。与此同时，高通在多元化战略下的努力也初见成效，汽车和物联网业务的增长尤为亮眼，分别 实现了 21% 和 24% 的同比增长。高通公司首席执行官克里斯蒂亚诺・安蒙（Cristiano Amon）指出， 这主要得益于公司在 AI 处理技术上的大力推动。 安蒙在周三的声明中表示："QCT 汽车和物联网业务的又一强劲增长季度，进一步验证了我们的多元化 战略，也增强了我们实现长期营收目标的信心。"他强调，公司在 AI 处理、高性能和低功耗计算以及先 进连接技术方面的领先地位，使其能够抓住 AI 在边缘侧规模化发展的机遇，成为业界的优选平台。 在财报电话会议上，安蒙重点提及了与三星和小米等安卓头部手机厂商的紧密合作。今年早些时候，已 有 12 ...

Investment Rating - The report assigns an "Outperform" rating for Qualcomm, indicating an expected relative return exceeding 10% over the next 12-18 months [21]. Core Insights - Qualcomm delivered solid 3Q25 results with revenue of $10.4 billion, up 10.4% YoY and down 4.3% QoQ, meeting market expectations [8][11]. - The company anticipates non-Apple QCT revenue to grow over 15% YoY for FY2025 and aims for combined Automotive and IoT revenue to reach $22 billion by FY2029 [8][9]. Summary by Sections Mobile Business - Mobile business revenue was $6.3 billion, reflecting a 7% YoY increase but a decline of 8.7% QoQ [2][8]. - The application of AI in smartphones is expanding, with significant growth in user engagement with AI features [2][8]. - Qualcomm has established a multi-year partnership with Xiaomi to support future flagship devices with Snapdragon 8 series platforms [2][8]. Automotive and IoT Growth - Automotive revenue reached $980 million, up 21% YoY and 2% QoQ, with strong traction for Snapdragon Digital Chassis solutions [3][9]. - IoT revenue was $1.68 billion, up 24% YoY and 6% QoQ, driven by demand for Snapdragon AR1 chips in AI smart glasses [3][9]. Acquisition Strategy - Qualcomm has agreed to acquire Alphawave IP Group plc, enhancing its capabilities in data centers and AI technologies, with the deal expected to close in 1QCY26 [4][10]. Future Guidance - For 4Q25, Qualcomm expects revenue between $10.1 billion and $11.1 billion, projecting a 12% YoY growth at the midpoint [5][11]. - Non-GAAP EPS is anticipated to be between $2.75 and $2.95, representing a 16% YoY increase [5][11].

Group 1 - The US stock market opened higher with all three major indices rising, with the Dow Jones up 0.17%, Nasdaq up 1.55%, and S&P 500 up 0.82% [1] - Microsoft shares surged over 10% after earnings, making it the second tech giant globally to surpass a market capitalization of $4 trillion [1] - Meta's stock rose over 6% following earnings, driven by AI boosting core business growth [1] Group 2 - Qualcomm's stock fell over 3% in pre-market trading due to the announcement that it will lose Apple as a customer for its modem business in the coming years [8] - Meta's pre-market stock increased by over 11%, reporting a 22% year-on-year revenue growth and a net profit of $18.3 billion, up 36% [9] - Microsoft's pre-market stock rose nearly 9% after reporting Q4 FY2025 revenue of $76.44 billion, compared to $64.7 billion in the same period last year [10] Group 3 - The US core PCE price index for June increased by 2.8% year-on-year, up from a previous value of 2.7% [11] - The number of initial jobless claims in the week ending July 26 was reported at 218,000, slightly up from the previous week's 217,000 [12][13] - The number of layoffs reported by Challenger companies in July was 62,075, an increase from the previous value of 47,999 [14]

【#高通宣布小米首发下代旗舰处理器#：骁龙 8 Elite Gen 2】高通公司今日公布了其 2025 财年第三季 度（即自然年第二季度）的财务业绩，营收达到 104 亿美元，同比增长 10%，实现了双位数增长。财 报显示，在手机芯片业务稳健增长的同时，高通汽车和物联网（IoT）业务表现抢眼，成为推动公司业 绩增长的新动力。 作为高通收入主体的 QCT 芯片业务，本季度手机芯片销售额达到 63.2 亿美元，实现温和增长。与此同 时，高通在多元化战略下的努力也初见成效，汽车和物联网业务的增长尤为亮眼，分别实现了 21% 和 24% 的同比增长。高通公司首席执行官克里斯蒂亚诺・安蒙（Cristiano Amon）指出，这主要得益于公 司在 AI 处理技术上的大力推动。 安蒙在周三的声明中表示："QCT 汽车和物联网业务的又一强劲增长季度，进一步验证了我们的多元化 战略，也增强了我们实现长期营收目标的信心。"他强调，公司在 AI 处理、高性能和低功耗计算以及先 进连接技术方面的领先地位，使其能够抓住 AI 在边缘侧规模化发展的机遇，成为业界的优选平台。 在财报电话会议上，安蒙重点提及了与三星和小米等安卓头部手机厂商 ...

2025 年 7 月 31 日 公司研究 FY25Q3 业绩符合预期，汽车、IoT 业务收入维持高速增长 ——高通（QCOM.O）FY25Q3 业绩点评 要点 公司 FY25Q3 业绩、FY25Q4 指引符合预期。美国东部时间 7 月 30 日，高通 发布 FY25Q3（截至 2025 年 6 月 29 日）业绩。截至美国东部时间 7 月 30 日 20:00，公司盘后股价下跌 4.63%。1）FY25Q3 业绩符合预期：FY25Q3 公司 实现 Non-GAAP 营业收入 103.65 亿美元（与彭博一致预期的 103.34 亿美元 基本持平），同比+10%。分业务看，QCT 业务收入 89.93 亿美元，同比+11%； QTL 业务收入 13.18 亿美元，同比+4%。Non-GAAP EPS 2.77 美元（略高于 彭博一致预期的 2.72 美元）。2）FY25Q4 指引：公司指引 FY25Q4 实现 Non-GAAP 营业收入 103～111 亿美元（彭博一致预期 106.14 亿美元），同 比+0.5%～+8.4%。指引 Non-GAAP 稀释 EPS 2.75～2.95 美元（与彭博一致 预期的 ...