[Huatai Computer - US Stock Express] Qualcomm: FY26Q3 revenue beat, but Q4 profit guidance and handset business under pressure

English summary

# Results overview: Revenue beat, profit and margins under pressure. Revenue: FY26Q3 total revenue $9.947B, -4% YoY, beat by 2.58%; QCT revenue $8.504B, beat by 3.01%; QTL revenue $1.278B, beat by 2.19%. Profit: Non-GAAP gross margin 54.0%, 1.03pct below expectation; QCT EBT margin 26.0%, 0.15pct below expectation; EPS $2.21, -20% YoY, 1.06% below expectation. Guidance: FY26Q4 revenue guidance $9.7-10.5B, -10% YoY, beat by 0.51%; EPS guidance $2.05-2.25, midpoint 8.66% below expectation. QCT revenue guidance beat by 2.01%, but EBT margin guidance 23%-25%, 3.45pct below expectation. # Handset business: Android low-base recovery, Apple exit accelerates. QCT handset revenue $5.086B, -20% YoY; ...