Equity Snap: Qualcomm (QCOM US): Results in line; weaker earnings guidance despite price hike

研报英文原文证据摘录

Equity Snap: Qualcomm (QCOM US): Results in line; weaker earnings guidance despite price hike

30 July 2026

Equity Snap: Qualcomm Equities Semiconductors & Equipment

(QCOM US)

Results in line; weaker earnings guidance despite price hike United States

◆ 3QFY26 results in line; 4QFY26 earnings guidance miss

Frank Lee*

estimates Global Head of Tech Hardware & Semi Research

The Hongkong and Shanghai Banking Corporation Limited

frank.lee@hsbc.com.hk

◆ Qualcomm to raise prices amidst increasing input costs; +852 2996 6916

acceleration in step down of Apple modem revenue Pulkit Aggarwal*

Associate

Bangalore

Qualcomm (QCOM US, USD162.88, Hold, TP USD180.00)

(Priced as of 28 Jul 2026)

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

3QFY26 results review: not registered/ qualified pursuant to FINRA regulations

◆ Revenue of USD9.9bn compared to HSBC/consensus estimates of

USD9.6bn/USD9.7bn and was slightly above the mid-point guidance of USD9.6bn

◆ Handset revenue USD5.1bn, down 16% q-o-q; automotive revenue of USD1.6bn,

up 20% q-o-q; and IoT revenue of USD1.8bn, up 6% q-o-q

◆ GM of 54.0% compared to HSBC/consensus estimates of 54.1%/55.0%

◆ OM of 27.9% vs HSBC/consensus estimates of 27.9%/28.4%

◆ EPS of USD2.21 was at the mid-point of the management guidance range of

USD2.10-2.30

4QFY26 outlook:

◆ Revenue of USD9.7-10.5bn implying a 2% sequential increase at mid-point,

slightly above HSBC/consensus estimates by 1%/4%

◆ Guidance includes impact of pricing actions taken by Qualcomm to reflect the

higher input costs, across wafer fabrication, assembly, test, advanced packaging,

memory, and other materials

◆ Qualcomm estimates that QCT handset revenues from China OEMs reached a

bottom in 3QFY26 and will return to double-digit sequential growth in 4QFY26