Qualcomm reported fourth-quarter revenue of $12.25 billion, exceeding analyst consensus of $12.16 billion, and delivered adjusted earnings per share of $3.50 versus expectations of $3.38. Revenue rose 4.7% year-over-year, driven by strength in handset chipsets and licensing fees. The company recorded a net margin of 12.5% and a return on equity of 43.2%, underscoring its high-margin licensing business. Qualcomm’s diversified semiconductor portfolio—spanning Snapdragon mobile processors, RF front-end components and IoT platforms—helped offset softer demand in legacy CDMA products.

For the fiscal second quarter, Qualcomm projected adjusted EPS of $2.45 to $2.65 and revenue between $10.2 billion and $11 billion, below the Wall Street midpoint of $11.1 billion. Management attributed the guidance shortfall to a global memory supply bottleneck, as handset customers face constraints on DRAM and flash ordering. CEO Cristiano Amon warned that “memory availability will define the size of the mobile market” in the near term, while CFO Akash Palkhiwala noted that data-center memory order volumes are crowding out smartphone allocations.

MarketBeat data show a consensus “Hold” rating from 20 brokerages, with 11 Buy, 7 Hold and 2 Sell recommendations and an average 12-month price target of $188.50. Recent research activity includes Bank of America raising its target to $215 and Cantor Fitzgerald trimming its target from $185 to $160. Insider selling was notable: CAO Patricia Y. Grech disposed of 203 shares at an average of $170 for $34,510, and EVP Alexander H. Rogers sold 15,917 shares at $178.01 totaling $2.83 million. Insider sales over the last three months amounted to 44,820 shares worth $7.88 million, while corporate insiders retain just 0.05% ownership.