Qualcomm reported a net income of $3bn for the first quarter of fiscal 2026 (Q1 FY26), a 6% decrease from the $3.18bn recorded in the same period of the previous year. Despite the decline in net income, the US-based semiconductor company achieved revenues of $12.3bn for the reported quarter, ending 28 December 2025. This marks a 5% increase from the $11.7bn reported in Q1 fiscal 2025. The earnings per share (EPS) for Q1 FY26 were $2.78 on a GAAP basis, slightly down from $2.83 in the previous year, whil ...

Chief Financial Officer Akash Palkhiwala added that QTL licensing revenue was $1.6 billion with earnings before taxes (EBT) margin of 77%, coming in at the high end of guidance due to higher units and favorable mix. On the chip side, QCT handset revenue was a record $7.8 billion, which he attributed to recently launched flagship smartphones.CEO Cristiano Amon said fiscal Q1 delivered record total revenue of $12.3 billion. Within Qualcomm CDMA Technologies (QCT), the company posted record revenue of $10.6 bi ...

Financial Data and Key Metrics Changes - The company reported record revenues of $12.3 billion and non-GAAP earnings per share (EPS) of $3.50 for fiscal Q1 2026, with non-GAAP EPS at the high end of guidance [6][16] - QCT revenues reached a record $10.6 billion, driven by strong performance in automotive and IoT segments [6][16] - Licensing business revenues were $1.6 billion, with an EBT margin of 77%, reflecting higher units and favorable mix [16] Business Line Data and Key Metrics Changes - QCT handset revenues reached a record $7.8 billion, benefiting from recently launched flagship smartphones [16] - QCT IoT revenues grew 9% year-over-year to $1.7 billion, driven by demand across consumer and networking products [16] - QCT Automotive revenues grew to $1.1 billion, up 15% year-over-year, driven by increased demand for Snapdragon Digital Chassis platforms [17] Market Data and Key Metrics Changes - Global consumer demand for handsets, particularly in the premium and high-tier segments, exceeded expectations, with healthy sell-through observed [6][7] - The handset industry is expected to face constraints due to memory availability and pricing, particularly DRAM, as suppliers redirect capacity to meet AI data center demand [7][18] - The company anticipates that the overall size of the handset market will be defined by memory availability throughout the fiscal year [39][69] Company Strategy and Development Direction - The company is focused on expanding its presence in the premium and high-tier smartphone segments, with a dual flagship product strategy that has been well received [8][42] - The company is investing in AI-native smartphones and intelligent wearables, positioning Snapdragon platforms as the choice for the industry [8][12] - The company aims to strengthen its leadership in automotive and robotics, with multiple design wins and collaborations with major automakers [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals of the handset business despite near-term challenges related to memory supply [18][39] - The company expects to return to prior growth trajectories for QCT handset revenues once memory supply conditions normalize [18] - Management remains optimistic about the long-term growth potential in automotive and IoT, with combined growth expected to outpace long-term revenue targets [21][22] Other Important Information - The company returned $3.6 billion to stockholders, including $2.6 billion in stock repurchases and $949 million in dividends [17] - The company completed the acquisition of Alphawave Semi, enhancing its data center solutions [14] Q&A Session Summary Question: What factors are driving the weakness in handset outlook beyond memory pricing? - Management indicated that the weakness is entirely related to memory availability, with strong microeconomic indicators and handset demand observed [26][27] Question: Is the automotive revenue growth driven by ADAS wins? - Management confirmed that the automotive pipeline continues to translate into revenue, with new car launches contributing to record revenues [30] Question: How is the company progressing with data center customers? - Management reported positive progress with customers, including shipping to Humane and engagement with major hyperscalers [34] Question: What is the company's strategy regarding memory shortages? - Management clarified that they do not purchase memory directly but work with customers who do, ensuring flexibility in memory sourcing [67][69] Question: How does the company plan to navigate the memory allocation challenges with larger OEMs? - Management acknowledged that larger OEMs may have better access to memory but emphasized that the issue is industry-wide and not limited to specific customers [73]

Core Insights - OnePlus celebrates its 12th anniversary in India with the launch of the OnePlus 15R, following the global unveiling of the OnePlus 15 [1][2] - The OnePlus 15R is positioned as a more affordable alternative to the flagship OnePlus 15, catering to performance-focused value seekers [3][8] Product Launch and Pricing - The OnePlus 15R is expected to be priced between ₹45,999 and ₹47,000, while the premium OnePlus 15 starts at ₹72,993 [2] - Sales for the OnePlus 15R are anticipated to begin within 24 to 48 hours after the launch event [2] Product Comparison - The OnePlus 15 features the Snapdragon 8 Elite processor, while the OnePlus 15R is equipped with the Snapdragon 8 Gen 3, offering 90% of the flagship experience at a lower price [6][8] - Display specifications show the OnePlus 15 with a 2K resolution and the OnePlus 15R with a 1.5K resolution, both supporting a 165Hz refresh rate [9] - Camera systems differ significantly, with the OnePlus 15 featuring a triple 50MP setup with Hasselblad tuning, while the OnePlus 15R has a dual camera setup without the Hasselblad partnership [11][12]

Core Insights - Qualcomm is expected to report earnings of $2.71 per share on July 30, 2025, indicating a 15% increase year-over-year, with revenue projected to rise by 10% to $10.3 billion, driven by its CDMA Technologies division [2] - The automotive sector has shown significant growth, with a 59% year-over-year increase in revenue to $959 million, while the IoT segment also experienced a 27% growth to $1.58 billion [3] - Qualcomm's current market capitalization stands at $175 billion, with total revenue of $42 billion over the past twelve months, and operating profits of $12 billion, resulting in a net income of $11 billion [4] Earnings Strategy - Traders can enhance their chances of success by understanding historical earnings patterns and strategically positioning themselves before earnings announcements [5] - Historical data shows that Qualcomm has had 20 earnings data points over the last five years, with positive one-day returns occurring approximately 40% of the time, though this drops to 17% over the last three years [7] - The median positive return from the eight positive instances was 9.7%, while the median negative return from the twelve negative instances was -5.3% [7]

Core Insights - Qualcomm has been selected by Samsung to provide the Snapdragon 8 Elite Mobile Platform for its Galaxy Z Fold7 devices, enhancing performance and AI capabilities [1] - The Snapdragon 8 Elite chipsets are gaining traction in the premium smartphone market, with several manufacturers adopting them [2] - Qualcomm's QCT segment revenues increased to $9.47 billion in Q1 from $8.03 billion year-over-year, with expectations of $27.7 billion in handset revenue for 2025, reflecting an 11.3% year-over-year growth [3] Market Dynamics - Healthy demand in the premium smartphone segment is driving growth for Qualcomm, but competition from low-cost manufacturers like MediaTek and Rockchip is impacting profitability [4] - Apple is moving towards in-house chip development, which is affecting Qualcomm's revenue growth, as Apple has replaced Qualcomm's RF modem in its latest iPhone [4] - Broadcom is also a competitor, leveraging strong relationships with OEMs to gain insights into customer requirements [5] Financial Performance - Qualcomm shares have declined by 20.2% over the past year, contrasting with the industry's growth of 18.1% [6] - The company's shares trade at a price/earnings ratio of 13.51, significantly lower than the industry average of 33.07 [8] - Earnings estimates for 2025 have decreased by 0.17% to $11.71 per share, while 2026 estimates have declined by 2.23% to $11.82 [9]

Core Insights - The global smartphone chip market is experiencing shifts in market share among key players, with MediaTek leading in Q2 2023 and projected to maintain a strong position through Q4 2024 [4][5] - Apple is expected to see an increase in chip shipments in Q4 2024 due to the launch of the A18 series [6] - Qualcomm's chip shipments are projected to decline slightly in Q4 2024, but revenue growth is anticipated due to strong demand in the high-end market [6] Market Share Overview - MediaTek's market share is projected to fluctuate from 31% in Q2 2023 to 34% in Q2 2024, with a peak of 41% in Q1 2024 [4] - Apple's market share is expected to decrease from 19% in Q2 2023 to 13% in Q2 2024, with a rebound to 23% in Q4 2024 [4] - Qualcomm's share is forecasted to drop from 29% in Q2 2023 to 30% in Q2 2024, but will decline to 21% by Q4 2024 [4] - UNISOC is projected to increase its share from 14% in Q2 2023 to 15% in Q2 2024, maintaining a steady presence [4] - Samsung's market share is expected to remain low, fluctuating between 4% and 6% throughout the forecast period [4] Company-Specific Developments - MediaTek is set to increase overall shipments in Q4 2024, driven by the launch of new high-end chips and stable LTE chip shipments [6] - Qualcomm anticipates a slight decline in shipments but expects revenue growth from the Snapdragon 8 Elite, which is in demand among multiple smartphone brands [6] - Samsung's Exynos chip shipments are expected to remain stable, with growth in specific models like Exynos 2400 and Exynos 1480 due to new product launches [6] - UNISOC is expanding its presence in the low-end market, benefiting from the adoption of its LTE chips by leading manufacturers [6]

| Brands | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | | --- | --- | --- | --- | --- | --- | --- | --- | | Mediatek | 31% | 38% | 37% | 41% | 34% | 37% | 34% | | Apple | 19% | 17% | 20% | 16% | 13% | 15% | 23% | | Qualcomm | 29% | 26% | 21% | 27% | 30% | 25% | 21% | | UNISOC | 14% | 12% | 13% | 9% | 15% | 13% | 14% | | Samsung | 6% | 5% | 4% | 5% | 4% | 5% | 4% | | HiSilicon (Huawei) | 0% | 1% | 3% | 2% | 3% | 4% | 3% | | Others | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 市场要点 点击阅读原文下载完整版 ...