Core Viewpoint - Qualcomm (QCOM.US) reported better-than-expected quarterly earnings and guidance, indicating progress in its diversification plans, but concerns related to the smartphone market remain a significant issue [1] Group 1: Earnings and Guidance - Qualcomm's revenue and profit guidance exceeded expectations due to a recovery in smartphone terminal market demand, with projected adjusted earnings per share for Q1 FY2025 between $3.30 and $3.50, and revenue expected to be between $11.8 billion and $12.6 billion [1] - Qualcomm's QCT revenue is anticipated to be between $10.3 billion and $10.9 billion, surpassing analyst expectations of $3.26 earnings per share and $11.59 billion in revenue [1] Group 2: Analyst Opinions - Citigroup analyst Christopher Daniele raised earnings expectations but maintained a neutral rating, citing potential performance drag from losing Apple's business due to its shift to in-house modem development [1] - HSBC analyst Frank Lee acknowledged improvements in Qualcomm's AI narrative but noted that its chips may not match the specifications of competitors like NVIDIA (NVDA.US) and AMD (AMD.US), indicating limited revenue opportunities for FY2026-2027 [2] - Other research firms, including Melius and Mizuho Securities, raised their target prices for Qualcomm to $19.5 and $20.0, respectively, following the earnings report [3]