Qualcomm reported adjusted earnings per share of $3.50 for the fiscal first quarter, surpassing the Zacks Consensus Estimate of $3.41. Revenue reached $12.25 billion, topping the Wall Street forecast of $12.21 billion and marking a 5% year-over-year increase. The company’s handset chipset shipments grew by 12% sequentially, driven by sustained demand in North America and China, while licensing revenues rose 8% as 5G adoption accelerated across major OEM partners.

For the second quarter, Qualcomm projected adjusted EPS between $2.45 and $2.65 on revenue of $10.2 billion to $11.0 billion, below analysts’ consensus of $2.89 EPS on $11.11 billion in sales. Management cited a worldwide memory shortage—driven by large data-center orders—restricting smartphone makers’ ability to procure DRAM and NAND components. CEO Cristiano Amon warned that “memory availability will define the size of the mobile market in 2026,” and CFO Akash Palkhiwala attributed a 7% revenue guidance shortfall entirely to constrained memory supply chains.

Qualcomm highlighted record business in AI-enabled chip platforms, noting that Snapdragon Elite design wins in software-defined automotive and edge-AI devices grew 20% quarter-over-quarter. The company’s R&D investment increased by 15% to $2.3 billion, funding next-generation RF front-end modules and 5G advanced modem development. Qualcomm reaffirmed its targeted full-year effective tax rate of 15% and reiterated plans to return $10 billion to shareholders through dividends and buybacks, supported by $16 billion in cash and investments on the balance sheet.

In the most recent quarter, Strengthening Families & Communities LLC boosted its Qualcomm stake by 1,099%, acquiring an additional 16,464 shares to reach 17,962 shares valued at approximately $3.0 million. Eleven research firms maintain a Buy rating on the stock, with consensus revenue estimates for fiscal 2026 trimmed by 1.5% following the cautious guide. Among analysts, JPMorgan retained an Overweight view, citing Qualcomm’s resilient licensing cash flows, while Wells Fargo lowered its stance to Underweight, pointing to the memory-driven revenue risk in mobile end markets.