Qualcomm(US:QCOM) Zhi Tong Cai Jing·2026-02-05 14:17Core Viewpoint - Qualcomm (QCOM.US) experienced a significant pre-market drop of over 10%, with a year-to-date decline of nearly 13%, closing at $133. The company provided a weak earnings forecast for the current fiscal quarter, raising concerns about the impact of storage chip shortages on rising prices and further suppressing smartphone demand [1][2]. 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, surpassing the average analyst expectation 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, exceeding the average analyst forecast of $3.40 [1]. Future Outlook - Looking ahead to the second fiscal quarter ending in March, Qualcomm expects revenue to be between $10.2 billion and $11 billion, which is below the average analyst expectation of $11.2 billion. The company anticipates adjusted EPS to range from $2.45 to $2.65, also falling short of the average analyst forecast of $2.89 [1]. Market Dynamics - Qualcomm noted that while there is still demand for high-end smartphones, the tight supply and rising prices of storage chips will lead to some customers producing fewer phones than expected. Despite efforts by the CEO Cristiano Amon to diversify the business by increasing chip sales for automotive, personal computers, and data centers, these new ventures are not yet large enough to offset the slowdown in the smartphone chip market. However, Amon expressed optimism about the demand for high-end smartphones in the short term [2].