Nan Fang Du Shi Bao·2025-07-31 09:14Core Viewpoint - Qualcomm's Q3 financial results showed revenue of $10.365 billion, a 10% year-over-year increase, but fell short of analyst expectations of $10.62 billion. Adjusted net profit was $2.67 billion, up 25% year-over-year [1]. Financial Performance - Qualcomm's semiconductor business (QCT) generated $8.993 billion in revenue, an 11% increase year-over-year, with mobile chip revenue at $6.328 billion, up 7%, and automotive chip revenue at $984 million, up 21% [5]. - The technology licensing group (QTL) reported revenue of $1.318 billion, a 4% increase year-over-year [6]. Market Concerns - Qualcomm's stock price dropped over 4% post-earnings due to concerns over underperformance in its smartphone chip business and the potential loss of Apple as a customer, which could significantly impact revenue [2][6]. - Apple is transitioning to its own modem chips, which could lead to a loss of approximately $5.7 to $5.9 billion in annual revenue for Qualcomm after their contract expires in 2027 [7]. Future Outlook - Qualcomm expects Q4 revenue to be between $10.3 billion and $11.1 billion, with semiconductor revenue projected at $9 billion to $9.6 billion [4]. - The company is diversifying its revenue streams by expanding into non-mobile markets such as automotive and IoT, which accounted for approximately 30% of QCT revenue [8].