作者 |第一财经 李娜 美国芯片制造商高通（Qualcomm）公布最新季度财报。尽管当季营收和盈利略高于市场预期，但公司 给出的下一季度业绩指引不及华尔街预估，主要受内存芯片供应紧张影响，高通股价在盘后交易中一度 下跌近10%。 高通表示，截至2025年12月28日的2026财年第一财季，公司实现营收约122.5亿美元，同比增长5%，高 于分析师平均预期的约121.8亿美元，GAAP净利润为30.04亿美元，同比下降5.5%，非GAAP净利润为 37.8亿美元，同比增长3%，小幅超过市场预期。同时半导体业务（QCT）营收 106.1 亿美元、授权业务 （QTL）营收 15.9 亿美元，均实现同比增长。 不过，在面向2026 财年第二季度的业绩指引中，高通预计营收区间约为102 亿至 110 亿美元、而分析师 普遍预期约111 亿美元以上。同期调整后每股收益预计在 2.45 美元至 2.65 美元的区间，低于市场预估 的 2.89 美元左右。 高通指出，全球内存芯片供应持续紧张，正影响智能手机厂商的生产计划和库存节奏，进而抑制对其处 理器的出货需求。 2026.02.05 本文字数：1228，阅读时长大约2分钟 ...

Core Viewpoint - Qualcomm reported slightly better-than-expected revenue and profit for the latest quarter, but its guidance for the next quarter fell short of Wall Street estimates due to tight memory chip supply, leading to a nearly 10% drop in stock price in after-hours trading [3][4]. Financial Performance - For the first fiscal quarter of 2026, Qualcomm achieved revenue of approximately $12.25 billion, a year-on-year increase of 5%, surpassing the analyst average expectation of about $12.18 billion [3]. - GAAP net profit was $3.004 billion, a decline of 5.5% year-on-year, while non-GAAP net profit was $3.78 billion, a year-on-year increase of 3%, slightly exceeding market expectations [3]. - Semiconductor business (QCT) revenue was $10.61 billion, and licensing business (QTL) revenue was $1.59 billion, both showing year-on-year growth [3]. Guidance and Market Impact - For the second quarter of fiscal 2026, Qualcomm expects revenue in the range of $10.2 billion to $11 billion, below the analyst consensus of over $11 billion [3]. - Adjusted earnings per share are projected to be between $2.45 and $2.65, lower than the market estimate of around $2.89 [3]. Supply Chain Challenges - Qualcomm highlighted that the ongoing tight supply of memory chips is affecting smartphone manufacturers' production plans and inventory rhythms, which in turn suppresses demand for its processors [4]. - CEO Cristiano Amon stated that the pressure on guidance is primarily due to supply chain constraints rather than a significant decline in end-market demand [4]. Market Trends - Due to limited memory supply, smartphone manufacturers are prioritizing high-end models, which supports Qualcomm's chip demand in the high-end Android smartphone market but puts pressure on mid-range and low-end model shipments [6]. - The supply chain crisis triggered by storage issues is posing challenges to the entire smartphone chip industry, affecting other major chip design companies as well [6]. Strategic Focus - Qualcomm plans to accelerate expansion in automotive, IoT, personal computers, and data center sectors to address industry challenges and cyclical fluctuations in the smartphone market [6]. - In the latest quarter, automotive chip revenue was approximately $1.1 billion, a year-on-year increase of about 15%, while IoT business revenue was about $1.7 billion, a year-on-year increase of about 9% [6]. Future Outlook - The ability of Qualcomm to alleviate supply chain bottlenecks and achieve breakthroughs in emerging markets such as automotive, AI, and edge computing will be a focal point for investors in the coming quarters [8].

Core Viewpoint - The ongoing global memory chip supply constraints are impacting smartphone manufacturers' production plans and inventory management, which in turn affects Qualcomm's processor shipment demand. Group 1: Qualcomm's Financial Performance - Qualcomm reported revenue of approximately $12.25 billion for the first fiscal quarter of 2026, a 5% year-over-year increase, exceeding analyst expectations of about $12.18 billion [1] - The company's GAAP net profit was $3.004 billion, a 5.5% decline year-over-year, while non-GAAP net profit was $3.78 billion, a 3% increase, slightly surpassing market expectations [1] - The semiconductor business (QCT) revenue was $10.61 billion, and the licensing business (QTL) revenue was $1.59 billion, both showing year-over-year growth [1] Group 2: Future Guidance and Market Impact - For the second quarter of fiscal 2026, Qualcomm expects revenue between $10.2 billion and $11 billion, below the analyst consensus of over $11 billion [1] - Adjusted earnings per share are projected to be in the range of $2.45 to $2.65, lower than the market estimate of around $2.89 [1] - The supply chain constraints are primarily due to memory chip shortages, affecting smartphone manufacturers' production schedules and inventory levels, thereby suppressing demand for Qualcomm's processors [1][2] Group 3: Industry Challenges and Strategic Focus - The memory supply crisis is posing challenges to the entire smartphone chip industry, with other major chip design companies also facing impacts from inventory adjustments and slowed production [5] - Qualcomm is accelerating its expansion into automotive, IoT, personal computing, and data center sectors, with automotive chip revenue reaching approximately $1.1 billion, a 15% year-over-year increase, and IoT revenue around $1.7 billion, a 9% increase [5] - Despite short-term impacts from memory supply constraints on smartphone business, Qualcomm's focus on automotive connectivity chips, edge devices, and future data center opportunities is expected to provide new growth avenues [5] Group 4: Future Outlook - The ability of Qualcomm to alleviate supply chain bottlenecks and achieve breakthroughs in emerging markets such as automotive, AI, and edge computing will be a key focus for investors in the coming quarters [6]