Qualcomm Earnings Slip As Revenue Falls, Guidance Muted

Qualcomm earnings on Nov. 4, 2026 showed revenue declined and management issued cautious fiscal‑Q1 guidance, even as the company highlighted record automotive and Internet of Things (IoT) growth and a new collaboration tied to its data‑center push.

Quarterly Results and Segment Performance

The company reported fourth-quarter fiscal 2026 GAAP revenue of $10.322 billion, down 8% from $11.270 billion a year earlier. Non-GAAP diluted earnings per share (EPS) fell 28% to $2.17 from $3.00. GAAP diluted EPS was $1.17, compared with a $2.89 loss in the prior year. GAAP net income reached $1.251 billion, while non-GAAP net income was $2.332 billion.

Qualcomm Technology’s (QCT) automotive revenue hit a record $2 billion for the quarter. Combined automotive and IoT revenue grew 36% year over year. However, QCT handset revenue declined 26% to $5.14 billion, reflecting a near-term shift in the company’s business mix. Cristiano Amon, president and chief executive, said, “We are pleased to deliver fourth quarter non-GAAP revenues at the high end of our guidance, along with 36% year-over-year growth in combined QCT Automotive and IoT revenues.”[source:1]

Guidance and Data-Center Expansion

For fiscal first-quarter 2027, Qualcomm projected non-GAAP revenue between $10.4 billion and $11.2 billion, with non-GAAP diluted EPS of $2.15 to $2.35. Management expects non-handset revenue to grow more than 60% year over year in fiscal 2027, citing weaker handset demand and higher memory costs as near-term headwinds affecting margins and volume.

The company reported about $650 million in data-center revenue for the quarter, primarily from customization and connectivity work. It reiterated a fiscal 2027 data-center revenue target of $5 billion. Qualcomm also announced a multi-generational product collaboration with Amazon for artificial intelligence data centers and renewed long-term Qualcomm Technology Licensing agreements with Apple, Huawei, and Transsion.[source:1]

Fiscal Year Results and Regulatory Filings

For fiscal 2026, Qualcomm reported GAAP revenue of $43.120 billion, down 3% year over year, and non-GAAP revenue of $43.240 billion, down 2%. GAAP results included a $5.7 billion income-tax benefit, or $5.32 per share, from releasing a valuation allowance established in the fourth quarter of fiscal 2025. The company distributed a notice that the earnings release would be furnished to the SEC on Form 8-K.[source:1][source:6]