Qualcomm(US:QCOM) Zhi Tong Cai Jing·2026-02-04 23:37Core Viewpoint - Qualcomm (QCOM.US), the world's largest smartphone processor manufacturer, has provided a weak earnings forecast for the current fiscal quarter, raising market concerns about the impact of storage chip shortages on rising prices and further suppressing smartphone demand [1]. Financial Performance - For the first fiscal quarter ending December 28, 2025, Qualcomm reported a revenue increase of 5% year-over-year to $12.25 billion, exceeding analyst expectations of $12.18 billion. Adjusted net income was $3.78 billion, a 1% decline year-over-year, with adjusted earnings per share (EPS) of $3.50, surpassing the average analyst estimate of $3.40 [1][2]. - The revenue breakdown shows that the CDMA Technologies Group generated $10.61 billion, a 5% increase year-over-year, with mobile chip revenue at $7.82 billion, a 3% increase but below the expected $7.86 billion. Automotive chip revenue reached a record $1.10 billion, up 15% year-over-year, while IoT revenue was $1.69 billion, a 9% increase [2][3]. Segment Analysis - The QCT segment reported revenues of $10.61 billion, with a year-over-year increase of 5.2%. The QTL segment generated $1.59 billion, reflecting a year-over-year increase of 3.7% [3]. - Mobile handset revenue was $7.82 billion, showing a year-over-year increase of 3.3%, while automotive revenue was $1.10 billion, up 14.6% year-over-year. IoT revenue was $1.69 billion, with a year-over-year increase of 9% [5]. Future Outlook - Qualcomm expects revenue for the second fiscal quarter ending March to be between $10.2 billion and $11 billion, below the analyst average estimate of $11.2 billion. Adjusted EPS is projected to be between $2.45 and $2.65, also below the average estimate of $2.89 [8]. - Despite strong demand for high-end smartphones, Qualcomm indicated that some customers' production will fall short of expectations due to tight storage chip supply and rising prices. The CEO, Cristiano Amon, is pushing for diversification into automotive, PC, and data center chip sales, although these new business areas are not yet large enough to offset the slowdown in the mobile chip market [8]. - Qualcomm is also attempting to enter the lucrative AI data center component market, with plans to launch a new product line aimed at directly challenging Nvidia's dominance, with initial shipments expected next year [9].