News
Qualcomm reports record quarterly revenues driven by AI momentum
Wednesday, February 4, 2026 at 09:32 PM
Qualcomm reported record quarterly revenues and strong momentum in personal and industrial AI, though its stock price fell following the announcement.
Context
On February 4, 2026, Qualcomm reported record fiscal first-quarter revenues of $12.3 billion, a 5% increase fueled by accelerating momentum in personal and industrial AI. The company delivered an adjusted earnings per share of $3.50, beating the $3.40 analyst consensus. While the QCT semiconductor division reached a record $10.6 billion and automotive sales surged 15% to $1.1 billion, the stock tumbled 9% in after-hours trading following a cautious forward-looking outlook.
Investors reacted to weak second-quarter guidance, as Qualcomm projected revenues between $10.2 billion and $11.0 billion, missing the $11.1 billion market estimate. Management attributed the downbeat forecast to industry-wide memory supply constraints, noting that surging AI data center demand is diverting critical components away from the smartphone market. Despite record top-line results and the strategic acquisition of Alphawave Semi, these supply chain bottlenecks and inventory adjustments in the handset sector have raised immediate concerns regarding margin stability and near-term growth.
Related Companies
Qualcomm
QCOM