Qualcomm reported third-quarter fiscal 2026 revenue of $9.95 billion on July 29. This figure beat analyst expectations despite a 4% year-over-year revenue decline. Non-GAAP earnings per share reached $2.21, missing the consensus estimate.
Handset revenue dropped significantly during the period. The automotive and IoT segments showed strong growth, with automotive revenue surging. Qualcomm established a target of $40 billion in non-handset revenue by fiscal 2029.
Bank of America Corp DE reduced its stake in the company. Analysts currently maintain a consensus Hold rating for the stock.