Qualcomm Revenues Decline 3 Percent to $10.6 Billion

Qualcomm reported that it earned a net income of $7.4 billion on revenues of $10.6 billion in the quarter ending March 29, 2026. Those figures represent a gain of 162 percent and a decline of 3 percent, respectively, year-over-year (YOY).

“We are pleased to deliver results in line with our guidance, reflecting solid execution as we navigate a challenging memory environment,” Qualcomm president and CEO Cristiano Amon said. “We are in a period of profound industry transformation. The rise of AI agents is reshaping our roadmap across every platform we develop.”

Qualcomm QTC, its hardware division, earned revenues of $9 billion in the quarter, down 4 percent YOY. Of that, $6 billion came from smartphones (down 13 percent 13 percent), $1.3 billion, a record, came from automotive (up 38 percent), and $1.7 billion came from IoT (up 9 percent). QTL, the company’s licensing division, delivered the remaining $1.6 billion in revenues.

Qualcomm shares jumped over 7 percent in after-hours training because the company divulged an AI cloud datacenter initiative with more information coming soon.

“We are equally excited by our entry into the data center, where a leading hyperscaler custom silicon engagement is on track for initial shipments later this calendar year,” Mr. Amon said. “We look forward to providing an update on our growth initiatives, including opportunities in Data Center and Physical AI, at our Investor Day on June 24.”