Qualcomm is rallying after reporting fiscal second-quarter 2026 results (quarter ended March 29, 2026) that came in better than investors expected on profitability, helping offset ongoing caution around the near-term handset environment. The company reported non-GAAP EPS of $2.65 and revenue of about $10.6 billion, and the print is being treated as a resilience signal as Qualcomm leans harder into non-handset growth categories. (qualcomm.com)

A major element underpinning today’s bid is confidence in capital returns: Qualcomm’s board approved a new $20 billion stock repurchase authorization and the company lifted its quarterly dividend to $0.92 per share earlier in 2026, reinforcing a shareholder-return floor as the business diversifies beyond legacy smartphone cyclicality. The combination of an EPS beat and a clearly communicated capital return framework is helping investors look through near-term volatility. (bloomberg.com)

Attention now shifts to the fiscal third-quarter outlook, where Qualcomm guided to revenue of $9.2 billion to $10.0 billion and non-GAAP EPS of $2.10 to $2.30, reflecting continued cross-currents tied to the handset supply/demand chain. Bulls will focus on whether automotive and IoT growth can keep compounding fast enough to reduce earnings sensitivity to smartphone unit cycles, while bears will press whether the near-term guide implies a longer digestion period. (fool.com)

Today’s move looks primarily earnings-driven, amplified by buyback math and renewed confidence that Qualcomm’s diversification strategy can support valuation even when smartphone conditions are uneven. The next confirmation point is execution against the Q3 guide and evidence that non-handset segments continue to scale without margin slippage.