Qualcomm Revenues Decline 4 Percent to $9.9 Billion

Qualcomm reported that it earned a net income of $2 billion on revenues of $9.9 billion in the quarter ending June 28, 2026. Those figures represent declines of 25 percent and 4 percent year-over-year (YOY), respectively.

“Despite a challenging memory and supply environment, our third quarter results reflect solid execution of our growth strategy, with quarterly revenues at the high end of guidance,” Qualcomm president and CEO said Cristiano Amon said. “We are well positioned to execute on the vision we outlined at our recent Investor Day, with total non-handset revenues growing to $40 billion by fiscal 2029, nearly double the target we shared in November 2024. In the near term, we expect year-over-year growth in non-handset revenues, including Data Center, to accelerate from 24 percent in fiscal 2026 to greater than 60 percent in fiscal 2027, a significant inflection point in the execution of our growth strategy.”

Qualcomm CDMA Technology (QCT) is responsible for the chipsets it makes for phones and other mobile devices and is by far the company’s biggest business. But it stumbled in the quarter with revenue of $8.5 billion, a decline of 5 percent YOY. Revenues from handsets declined 20 percent to $5 billion, but revenues from automotive and IoT both grew, with $1.6 billion and $1.8 billion in revenues and growth of 61 and 9 percent, respectively.

Qualcomm Technology Licensing (QTL) delivered another $1.3 billion in revenues, down 3 percent YOY.

The bigger issue, perhaps, is that the component crisis impacting the company will only continue. Qualcomm’s estimates for the current quarter fell short of analyst expectations, and its stock price declined 4 percent in after-hours trading.