美国芯片巨头高通，突遭“空袭”

Core Viewpoint - Qualcomm's stock price dropped significantly due to warnings about losing Apple as a customer for its modem business and lower-than-expected smartphone chip revenue in Q3 [1][4][3] Financial Performance - For Q3 ending June 29, Qualcomm reported revenue of $10.37 billion, a 10% year-over-year increase, but below the analyst expectation of $10.62 billion [3] - Adjusted net profit was $2.67 billion, up 25% year-over-year, with adjusted earnings per share at $2.77, exceeding the expected $2.72 [3] - The QCT segment (mainly chip business) generated $8.993 billion in revenue, an 11% increase year-over-year [3] - Smartphone chip revenue was $6.328 billion, a 7% increase but below the expected $6.48 billion [3] - Automotive chip revenue reached $984 million, up 21%, while IoT revenue was $1.681 billion, up 24% [3] Future Outlook - Qualcomm expects Q4 revenue to be between $10.3 billion and $11.1 billion, with analyst expectations averaging $10.6 billion [3] - QCT segment revenue is projected to be between $9 billion and $9.6 billion, with expected earnings per share between $2.75 and $2.95 [3] Client Dependency and Market Strategy - Qualcomm warned that it may lose Apple as a customer for modem chips as Apple shifts to in-house solutions, which could impact over $5 billion in annual revenue [4][5] - The CEO stated that Qualcomm is no longer reliant on Apple for future growth and is focusing on expanding into non-mobile markets like automotive and IoT [5] - Revenue from non-Apple clients in the chip segment grew over 15% in Q3 [5] Regulatory and Trade Risks - Qualcomm faces potential risks from tariffs on semiconductor imports, as indicated by former President Trump's threats to impose tariffs that could disrupt supply chains and harm revenue [7][6] - The U.S. Commerce Department is expected to announce findings from a national security investigation into semiconductor imports, which could lead to tariffs as high as 25% to 100% [7][8] - Analysts warn that the optimistic market expectations regarding tariffs may be overly idealistic, with actual rates potentially being more incremental [7]