Next iPhone component share seen below earlier estimate
Qualcomm said supply constraints would reduce its share of components used in the next iPhone launch to well below its earlier estimate of 20%.
J.P. Morgan analysts said the company's diversification efforts were setting it up for stronger long-term growth, with accelerating non-handset revenue expected to more than compensate for the loss of Apple-related sales in fiscal 2027.
The stock is down about 9% year to date.
Qualcomm shares fall after weak forecast and lower Apple revenue outlook
Qualcomm shares fell 4.4% to $155.68 in premarket trading.
The company forecast a weak fourth quarter and a steeper drop in Apple revenue, though it expects non-handset growth to more than make up for the shortfall by fiscal 2027.
It expects fourth-quarter revenue between $9.7 billion and $10.5 billion, compared with analysts' average estimate of $10.02 billion, according to data compiled by LSEG.
QCOM•
