Qualcomm, the largest maker of smartphone processors, gave a bullish revenue forecast for the current period, though a US tax change took a toll on profit last quarter https://t.co/gGUwpi6TOK ...

Core Insights - Qualcomm reported fourth quarter earnings that exceeded expectations, with adjusted earnings per share (EPS) of $3.00 on revenue of $11.27 billion, surpassing analyst forecasts of $2.88 EPS on $10.77 billion revenue [1][3] - The company provided guidance for the next quarter between $11.8 billion and $12.6 billion, higher than the anticipated $11.59 billion [1] Financial Performance - Qualcomm's QCT segment generated $9.8 billion in revenue, exceeding expectations of $9.3 billion, while the QTL segment brought in $1.4 billion, meeting expectations [4] - The company incurred a one-time non-cash tax-related charge of $5.7 billion, which impacted GAAP results but is expected to lower future cash tax payments [2] Market Challenges - Qualcomm faces the risk of losing Apple as a major customer for wireless chips, as Apple is transitioning to its own custom chips for its iPhone lineup [5] - The smartphone market has slowed, affecting Qualcomm's revenue generation from smartphone chips and licensing agreements [4] Strategic Initiatives - To mitigate risks, Qualcomm is diversifying its business by entering the AI data center and PC chip markets [5] - The company recently launched its AI200 and AI250 data center chips, with availability planned for 2026 and 2027 respectively, marking its first direct competition with Nvidia and AMD [6][7]

Core Insights - Qualcomm reported fiscal fourth-quarter results that exceeded analyst expectations, with revenue increasing by 10% to $11.27 billion compared to $10.24 billion a year earlier, although the company recorded a net loss of $3.12 billion due to an income tax expense [1][5] - For the fiscal first quarter, Qualcomm anticipates revenue between $11.8 billion and $12.6 billion, surpassing the average analyst estimate of $11.62 billion, with adjusted EPS projected between $3.30 and $3.50 [2] Financial Performance - The company achieved adjusted earnings per share of $3.00, which was higher than the expected $2.88, and revenue of $11.27 billion, exceeding the forecast of $10.79 billion [5] - The net loss for the fourth quarter was $3.12 billion, or $2.89 per share, compared to a net income of $2.92 billion, or $2.59 per share, in the previous year [1] Market Position and Strategy - Qualcomm is facing the potential loss of Apple as a customer for its modem business and is diversifying its product offerings to include chips for Windows PCs, virtual-reality headsets, and smart glasses [3] - The company is focusing on opportunities in artificial intelligence, where it aims to compete against Nvidia and AMD, which currently dominate the processor market [3] Product Development - Qualcomm announced plans to release new AI accelerator chips, the AI200 and AI250, which are expected to be available in 2026 and 2027, respectively, and can be integrated into liquid-cooled server racks [4] - The new AI chips are designed to compete with Nvidia and AMD's offerings, which allow multiple GPUs to function as a single computer, catering to the needs of AI labs [4] Stock Performance - Qualcomm's shares have increased by 17% year-to-date, lagging behind the Nasdaq's 22% gain, while Nvidia and AMD have seen significant increases of 45% and 112%, respectively [5]

Fiscal Year and Demand Projections - The company operates on a 52-53 week fiscal year, with fiscal years 2023 and 2025 consisting of 52 weeks, and 2024 consisting of 53 weeks[17]. - The company estimates consumer demand for smartphones will remain approximately flat for calendar year 2025 compared to 2024, with expected mid single-digit percentage growth in 5G handsets[29]. Automotive and IoT Trends - By 2030, 68% of new vehicles produced are projected to have embedded cellular connectivity, with 48% featuring 5G connectivity, up from 21% in 2025[31]. - The share of new light-duty vehicles sold globally with Level 2 or higher autonomy is expected to grow from 24% in 2025 to 52% in 2030[31]. - Industry demand for IoT devices is expected to remain strong across consumer, edge networking, and industrial applications, driven by 5G and AI technologies[32]. - The company’s Snapdragon Digital Chassis platforms are enabling advanced driver assistance and automated driving solutions in the automotive sector[18]. Technology Development and Innovation - The company anticipates continued advancements in generative AI capabilities of edge devices and increased adoption of generative AI technologies in handsets and other edge devices[25]. - The company has developed Qualcomm Oryon CPU core technology aimed at enhancing performance and efficiency across a wide portfolio of Snapdragon powered products[37]. - The Qualcomm AI Engine includes dedicated hardware for high-performance, low-power AI use cases on-device, enhancing privacy and security[38]. - The company continues to invest heavily in research and development to drive the evolution of mobile, automotive, and IoT technologies[36]. 5G and Telecommunications - 5G technology is designed to support diverse services, including enhanced mobile broadband, massive IoT, and mission-critical communications, utilizing various spectrum types and deployment scenarios[40]. - The company continues to contribute to 3GPP standardization activities, defining the evolution of 5G and establishing requirements for 6G[41]. - The QCT segment focuses on integrated circuit products and system software for mobile devices, automotive systems, and IoT products, with a technology roadmap that maintains backward compatibility with existing standards[44]. Licensing and Intellectual Property - QTL segment generates significant licensing revenues from cellular standard-essential patents, which are essential for the manufacture and sale of wireless products[54]. - The company has a leading intellectual property portfolio with extensive patents related to wireless communication technologies, essential for the commercial implementation of LTE and 5G products[55]. - The company has licensed its patents to hundreds of companies, contributing to industry growth and reducing device pricing[56]. - QTL licensing revenues are primarily generated through per-unit royalties based on a percentage of the wholesale selling price of licensed products[58]. Competition and Market Position - The company faces intense competition in the semiconductor industry, with competitors focusing on performance, integration, quality, and innovation[53]. - The QCT segment's marketing strategy promotes Qualcomm as a leader in intelligent computing and aims to expand the reach of Snapdragon and Dragonwing brands[51]. - Qualcomm's semiconductor business may suffer due to customers vertically integrating and developing their own integrated circuit products, notably from major clients like Apple, Samsung, and Xiaomi[108]. Customer Concentration and Revenue Risks - A significant portion of Qualcomm's revenues is derived from a small number of customers and licensees, particularly from premium-tier handset devices, which is expected to continue in the foreseeable future[102]. - The company anticipates that Apple will increasingly utilize its own modem products in future devices, which will negatively impact Qualcomm's QCT revenues and cash flows[103]. - Qualcomm's licensing revenues are significantly impacted by a limited number of licensees, including several Chinese OEMs, and any failure to meet obligations could adversely affect financial performance[107]. Supply Chain and Manufacturing Risks - The company faces risks related to supply and manufacturing, relying on a limited number of third-party suppliers, which could negatively impact its results of operations if supply strategies fail[92]. - The company is subject to order and shipment uncertainties that could further impact its results of operations[128]. - The reliance on a limited number of third-party suppliers for manufacturing could negatively impact the company's ability to meet customer demand and affect profitability[128]. Cybersecurity and Operational Risks - The company may incur significant costs related to product liability claims, which could divert management attention and negatively impact financial results[179]. - The company has encountered cybersecurity threats and intrusions, which may affect its IT systems and proprietary information[143]. - The company expects to continue investing in the security of its IT systems and proprietary information to mitigate risks associated with cybersecurity[146]. Global Market and Regulatory Environment - Qualcomm's revenues are significantly concentrated in China, and the risks associated with this concentration are heightened by U.S./China trade tensions[109]. - The company derives a significant portion of its revenues from Chinese OEMs and non-Chinese OEMs that utilize its products in devices sold into China, which has the largest number of smartphone users in the world[199]. - The company is subject to various global regulations, including those related to cybersecurity, privacy, and data protection, which could adversely affect its business and results of operations[200].

风险提示及免责条款 高通第四财季调整后营收112.7亿美元，预期107.7亿美元。 预计第一财季营收118亿-126亿美元，分析 师预期115.9亿美元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Insights - Qualcomm Inc reported fourth-quarter revenue of $11.27 billion, a 10% increase year-over-year, surpassing the consensus estimate of $10.79 billion [2] - The company achieved adjusted earnings per share of $3, exceeding the consensus estimate of $2.88, marking the 10th consecutive earnings per share beat and the 9th consecutive revenue beat [2][3] Financial Performance - QCT revenue was $9.82 billion, up 13% year-over-year, while QTL revenue was $1.41 billion, down 7% year-over-year [3] - Full-year revenue reached $44.14 billion, reflecting a 13% year-over-year increase, with adjusted earnings per share of $10.22, up 18% year-over-year [8] Segment Performance - QCT non-Apple revenues grew by 18% year-over-year, with combined fiscal year Automotive and IoT revenue growth of 27% [4] - Revenue breakdown for QCT includes Handsets at $6.96 billion (+14% YoY), Automotive at $1.05 billion (+17% YoY), and IoT at $1.81 billion (+7% YoY) [8] Tax and Guidance - Qualcomm announced a non-cash tax charge of $5.7 billion to establish a valuation allowance against U.S. federal deferred tax assets, which was excluded from non-GAAP results [4] - The company expects first-quarter revenue guidance of $11.80 to $12.60 billion, with consensus estimates at $11.62 billion, and earnings per share guidance of $3.30 to $3.50, compared to a consensus of $3.31 [6][7]

Core Viewpoint - Qualcomm forecasts quarterly sales and profit above market expectations due to a rebound in premium smartphone sales, but potential loss of business from Samsung may impact future performance [1][2][3] Financial Performance - For the fiscal first quarter ending in December, Qualcomm expects sales of $12.2 billion and adjusted profit of $3.40 per share, exceeding analyst estimates of $11.62 billion and $3.31 per share [2] Customer Dynamics - Qualcomm supplied 100% of modem chips for Samsung's Galaxy S25 models but anticipates a reduction to 75% for the Galaxy S26 [3] - Apple, Samsung, and Xiaomi collectively account for over 10% of Qualcomm's revenue [6] Market Trends - There is a trend of consumers upgrading from midpriced smartphones to more expensive devices to support AI applications, leading to a division in the market between low-end and premium devices [5] - The premium smartphone tier is expanding globally, particularly in markets like China and India [5] Strategic Initiatives - Qualcomm is diversifying into laptops, automobiles, and data center chips, especially after Apple’s transition to its own modems [4] - The company is in discussions with a large AI computing company to supply chips, indicating a focus on AI-related markets [4][7]

FOR IMMEDIATE RELEASE Exhibit 99.1 Qualcomm Contact: Mauricio Lopez-Hodoyan Vice President, Investor Relations Phone: 1-858-658-4813 | e-mail: ir@qualcomm.com Qualcomm Announces Fourth Quarter and Fiscal 2025 Results Fiscal 2025 GAAP Revenues: $44.3 billion Fiscal 2025 GAAP EPS: $5.01, Non-GAAP EPS: $12.03 —QCT: Record Fiscal Year Revenues - Executing Towards our 2024 Investor Day Targets— —Total QCT Non-Apple Fiscal Year Revenues Grew 18% Year-Over-Year— —Combined QCT Automotive and IoT Fiscal Year Revenue ...

Group 1 - Qualcomm forecasts fiscal first-quarter sales and profit above Wall Street expectations [1] - The positive outlook is driven by a renewal of end-market demand in the smartphone industry [1]

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