Qualcomm(US:QCOM) Zhi Tong Cai Jing·2025-04-28 07:30Group 1 - Qualcomm is set to report its Q2 earnings on April 30, with analysts predicting a 13.3% year-over-year revenue increase to $10.64 billion and a 15.6% rise in adjusted EPS to $2.82 [1] - The QCT (semiconductor) segment is expected to see a 14.7% revenue growth to $9.21 billion, driven by strong demand in smartphones (up 11.2% to $6.87 billion), automotive (up 47.5% to $0.89 billion), and IoT (up 16.5% to $1.45 billion) [1] - In Q1, Qualcomm's revenue grew 17% year-over-year to $11.7 billion, significantly exceeding market expectations, with adjusted EPS at $3.41, also above forecasts [1] Group 2 - Qualcomm's strategic positioning in the AI device era, with a focus on edge computing, is expected to enhance its competitive advantage, particularly in markets like PCs, automotive, and IoT [2] - The company holds approximately 10% market share in Windows PCs priced over $800 in the U.S., with expectations to expand this share as it aims for over 100 commercial designs by 2026 [2] - The uncertainty surrounding tariff policies under the Trump administration poses a significant risk to Qualcomm and the broader electronics supply chain [2] Group 3 - Investors are likely to focus on the impact of tariffs on Qualcomm's future performance, with UBS suggesting that the company may provide weak guidance for Q3 due to macroeconomic challenges affecting global smartphone demand [3] - UBS analysts expect Qualcomm's Q3 guidance to be below typical seasonal levels, forecasting a low single-digit percentage decline, compared to the market expectation of a 2% decline [3] - Approximately 66% of Qualcomm's revenue is derived from China, making it vulnerable to tariff-related uncertainties impacting its smartphone business [3]