(Bloomberg) — Qualcomm (QCOM) Inc., the largest maker of smartphone processors, became the latest chipmaker to deliver an upbeat forecast and still leave investors underwhelmed. Most Read from Bloomberg Though the company’s sales and profit forecasts handily topped Wall Street estimates on Wednesday, its stock slipped as much as 3% in the following day’s trading. It’s become a familiar story. Advanced Micro Devices Inc. also failed to impress investors with a strong revenue outlook this week. The compa ...

Qualcomm - Qualcomm reported an EPS of $3, exceeding the estimate of $2.87, representing a 14% increase year-over-year from $2.69 [2] - Revenue reached $11.27 billion, up 10% year-over-year, beating estimates by approximately $510 million [2][3] - Licensing revenue, primarily from Apple, declined by 7.4%, while QCT revenue increased by 18%, indicating ongoing diversification efforts [3] CarMax - CarMax's stock fell 13% following a lower EPS guidance, with the new adjusted range between 18 and 36 cents, down from 64 cents last quarter [5][6] - Comparable sales are expected to decline by 8 to 12%, alongside additional restructuring costs and layoffs [7] - The wholesale used vehicle market prices are decreasing, with total sales down 2% from August to September [9] Fortinet - Fortinet reported an EPS of 74 cents, surpassing the estimate of 63 cents, marking a 17% increase [10] - Topline sales reached $1.72 billion, a 14% increase, beating estimates by about $20 million [10] - The revenue guidance for the next quarter was widened to a range of $1.83 billion to $1.89 billion, which has put pressure on the shares [11]

Key Takeaways Qualcomm's Q4 earnings and revenues beat estimates on strong IoT and automotive momentum.QCT sales rose 13% with record automotive and higher handset and IoT revenues driving growth.For Q1 FY26, Qualcomm guides revenue of $11.8$12.6B and EPS of $3.30$3.50 on steady demand.Qualcomm Incorporated (QCOM) reported strong fourth-quarter fiscal 2025 results, with adjusted earnings and revenues exceeding the respective Zacks Consensus Estimate, driven by healthy demand trends in IoT and automotive bus ...

Market Overview - US stocks showed mixed performance with the S&P 500 and Dow Jones Industrial Average remaining nearly flat, while the Nasdaq Composite experienced a slight decline of over 0.1% [1] Employment Data - The Challenger, Gray & Christmas report indicated that October saw the highest number of layoff announcements since 2003, with 153,074 job cuts compared to 55,597 in October 2024, as companies aimed to reduce costs and adjust to AI advancements [2] Technology Sector Insights - Qualcomm reported strong earnings and positive guidance, yet its stock fell nearly 3% in premarket trading, indicating investor disappointment despite the strong performance [3] - In contrast, Arm's shares rose by 6% following a quarterly revenue forecast that exceeded estimates, attributed to increased demand for AI [3] Tesla's Shareholder Meeting - Tesla's upcoming shareholder meeting is focused on a vote regarding Elon Musk's proposed trillion-dollar pay package, with potential implications for his role as CEO if the plan is rejected [4] Trade Policy Concerns - Skepticism from Supreme Court justices regarding the legality of Trump's trade tariffs could lead to significant changes in international trade and domestic spending if the policy is rolled back [5] Aviation Industry Impact - The FAA's decision to cut 10% of flights at 40 airports due to a federal shutdown highlights ongoing staffing issues, which could further disrupt travel and impact the aviation sector [6] Earnings Reports - Key earnings reports from Warner Bros. Discovery, Airbnb, and Moderna are anticipated, indicating ongoing interest in performance metrics from these companies [7]

Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM.O) [6] Core Insights - Qualcomm's FY2025 performance exceeded expectations, driven by increased demand for high-end mobile SoCs and robust growth in automotive and IoT business segments [1][2][3][4] - The company reported Non-GAAP revenue of $44.141 billion for FY2025, a 13% year-over-year increase, surpassing Bloomberg consensus estimates of $43.690 billion [1] - For FY26Q1, Qualcomm's guidance also exceeded expectations, projecting Non-GAAP revenue between $11.8 billion and $12.6 billion, compared to the consensus estimate of $11.592 billion [1] Summary by Sections QCT Mobile Business - FY2025 mobile business revenue reached $27.793 billion, a 12% increase year-over-year, primarily due to rising demand for high-end Snapdragon chips from Android OEMs [2] - The launch of the Snapdragon 8 Elite Gen5 SoC is expected to enhance Qualcomm's market position, with Samsung's supply share projected to remain high at 75% [2] QCT IoT Business - FY2025 IoT revenue was $6.617 billion, reflecting a 22% year-over-year growth, driven by increased shipments in consumer, industrial, and edge network products [3] - The acquisition of Arduino is expected to strengthen Qualcomm's competitive edge in the edge AI sector [3] - New SoCs for high-end PCs and strong demand for XR and AI glasses are anticipated to contribute to future growth [3] QCT Automotive Business - FY2025 automotive revenue reached $3.957 billion, a significant 36% increase year-over-year, attributed to higher shipments of vehicles equipped with Qualcomm's smart cockpit technology [4] - The collaboration with BMW on the Snapdragon RidePilot system for L2+ driving assistance is being validated in over 60 countries, with plans for expansion [4] Financial Forecast and Valuation - The report forecasts GAAP net profits of $11.5 billion for FY2026, $12.5 billion for FY2027, and $13 billion for FY2028, reflecting year-over-year growth rates of 108%, 8%, and 4% respectively [4] - Current price corresponds to FY2026-2028 P/E ratios of 17X, 15X, and 15X [4]

Core Viewpoint - Qualcomm Inc. shares fell despite reporting quarterly results that exceeded Wall Street expectations, as investors considered strong fundamentals against rising expenses [1] Financial Performance - Qualcomm reported quarterly results that topped Wall Street expectations, indicating strong financial performance [1] - The decline in shares suggests that investors are concerned about the growth in expenses despite the solid fundamentals [1] Investor Sentiment - Investors are weighing the positive financial results against the backdrop of increasing costs, leading to a cautious outlook on the stock [1]

Airline Industry - United Airlines plans to reduce 10% of flights across over 40 airports, affecting approximately 3,500 to 4,000 flights daily, with no specified end date for these reductions [1][2] - The impact on international and long-haul routes is expected to be minimal, which are higher margin segments for United Airlines [1] - The ongoing government shutdown, now in its 37th day, may lead to further disruptions in the airline industry, although current TSA lines remain unaffected [1][2] Nvidia - Jensen Huang, CEO of Nvidia, expressed concerns about the AI race, stating that China is "nanoseconds" behind the U.S. in AI development, while also indicating a desire to sell chips to both countries [2][3] - Huang's comments reflect a dual strategy of wanting to maintain sales while acknowledging the competitive landscape in AI technology [2][3] Qualcomm - Qualcomm reported a 10% revenue increase to $11.27 billion, beating expectations, and guided higher for future revenue [6][7] - The company recorded a net loss of $3.12 billion, or about $289 per share, primarily due to a tax expense, but this is typically excluded from performance evaluations [6][9] - Qualcomm's licensing business saw a 7% decline to approximately $1.41 billion, raising concerns about market share loss to competitors like Apple [8][9] - For the upcoming quarter, Qualcomm expects revenue between $11.8 billion and $12.6 billion, with a midpoint of $12.2 billion, which is above expectations [7][8]

格隆汇11月6日｜瑞银：将高通(QCOM.US)目标价从175美元上调至185美元。 ...

Qualcomm's Performance and Strategy - Qualcomm beat estimates on both top and bottom lines with strong guidance [1] - A tax-related charge was taken by Qualcomm [2] - Qualcomm's CEO attributes upside in the phone business to consumers trading up to premium phones, driven by the increasing utility of phones and the AI transition [2][3] - Qualcomm is developing data center chips to compete with Nvidia and AMD, aiming for a more efficient chip architecture [3][4][5] - Qualcomm plans to share more details about its data center chips in the first half of next year [4] AI and Market Dynamics - The AI transition on phones is described as a crescendo, enhancing the utility of small screens [2][3] - The data center market is expected to generate significant profit from AI, moving from training to inference [4] - Companies may delay GPU adoption in anticipation of more efficient technologies, impacting the economics of data centers [4] - Global AI standards are evolving, influencing infrastructure development and technology adoption in different regions [6] - Restrictions on US-based technologies in certain markets could lead to the development of alternative solutions, potentially impacting US competitiveness in the long term [6][7][8]

Core Insights - Qualcomm's stock fell after hours despite beating earnings estimates and providing strong guidance, attributed partly to a tax-related charge [1][2] Company Performance - Qualcomm's CEO highlighted that the phone business is thriving as consumers are upgrading to premium devices, even before major AI features are launched [2] - The company is experiencing a trend where smartphones are becoming more essential personal computers, driven by AI capabilities [3] Product Development - Qualcomm announced plans to introduce data center chips aimed at competing with Nvidia and AMD, with more details expected in the first half of next year [4] - The company is focusing on creating a more efficient chip architecture for data centers, addressing the growing demand for AI-related technologies [4][5] Market Dynamics - There is a competitive landscape in AI chip development, with companies like Nvidia currently dominating but facing potential challenges from Qualcomm's new offerings [5][6] - The development of AI standards globally may impact the adoption of US-based technologies, as companies in different regions may lock into alternative solutions [6][7] Strategic Considerations - The potential long-term economic impacts of US companies being locked out of certain markets could influence the industry's strategic positioning [8]