Qualcomm Q3 Revenue Hits $9.95B as Auto Surges 61% and Mobile Slumps 20%

Qualcomm reported $9.95B Q3 revenue, beating estimates. Automotive sales jumped 61% to a record high, while mobile revenue fell 20%. Q4 EPS guidance missed analyst expectations.

Woofun AI data shows that Qualcomm’s fiscal Q3 2026 revenue totaled $9.95 billion, surpassing the $9.67 billion market consensus despite a 4% year-on-year decline. Adjusted earnings per share reached $2.21, aligning with forecasts, while net profit stood at $2 billion. Within the chip business, mobile-related revenue dropped 20% year-on-year to $5.1 billion. Conversely, automotive electronics revenue hit a record $1.59 billion, marking a 61% increase and extending double-digit growth streak to 23 quarters. IoT revenue rose 9% to $1.83 billion.

The company projected Q4 adjusted EPS between $2.05 and $2.25, falling short of the $2.36 analyst estimate. CEO Cristiano Amon indicated that Apple-related revenue will face accelerated decline, with Qualcomm’s component share in the next-generation iPhone remaining "far below the previously estimated 20%" due to supply chain limits. To offset this, Qualcomm aims for $5 billion in data center revenue by fiscal 2027 and has acquired AI software firm Modular. Price adjustments for select products are scheduled for September 1 to mitigate rising supply chain costs.