Zhi Tong Cai Jing·2025-11-05 23:37Core Viewpoint - Qualcomm (QCOM.US) has provided optimistic revenue and profit guidance, driven by a recovery in smartphone demand, despite potential declines in chip shipments to key customers like Samsung Electronics (SSNLF.US) [1] Financial Performance - Qualcomm expects Q1 sales and adjusted EPS to be $12.2 billion and $3.40, respectively, exceeding analyst expectations of $11.62 billion and $3.31 [1] - In Q4, Qualcomm reported sales of $11.27 billion and adjusted EPS of $3.00, surpassing Wall Street's expectations of $10.79 billion and $2.88 [1][2] - The company disclosed a non-cash expense of $5.7 billion in Q4 due to new U.S. tax laws, resulting in a net loss of $3.12 billion, but emphasized that this did not affect adjusted performance metrics [5] Market Trends - The CEO noted a shift in consumer behavior towards upgrading mid-range smartphones to high-end devices, with a clear market divide between low-end and high-end models [2] - Qualcomm's stock has risen approximately 12.5% this year, lagging behind the Nasdaq Composite's 20.9% increase, amid concerns over tariffs and the company's ability to capitalize on the AI trend [2] Customer Dynamics - Apple, Samsung, and Xiaomi each contribute over 10% to Qualcomm's total revenue, with Qualcomm chips accounting for 100% of the latest Samsung Galaxy S25 series [3] - Qualcomm is preparing for a reduced share in the next Galaxy S26 model, down to 75% [3] - The company reported an 18% revenue growth from non-Apple customers in the recently concluded fiscal year, with mobile-related chip revenue growing 14% to $6.96 billion [3] Business Segments - Qualcomm's automotive business revenue surpassed $1 billion for the first time in Q4, reaching $1.05 billion, a 17% year-over-year increase [3] - The IoT business generated $1.81 billion in revenue, reflecting a 7% year-over-year growth [3]