Qualcomm Posts Gains in Q1

Qualcomm reported revenue of $12.2 billion for its fiscal first quarter of 2026. It is a 5% year-over-year increase, but the company's forecast for the current quarter is below analyst expectations due in part to a global memory chip shortage.

For Q2, Qualcomm forecast revenue between $10.2 billion and $11 billion, below analysts’ projection of  $11.2 billion. CEO Cristiano Amon stated the company’s near-term handset outlook is impacted by industry-wide memory supply constraints, but added that they are encouraged by end-consumer demand for premium and high-tier smartphones and remain on track to achieve their fiscal 2029 revenue goals.

Qualcomm reported net income of $3 billion, down 6% from a year ago. Handset revenue rose 3% to $7.8 billion, while automotive saw a 15% increase to $1 billion. The IoT division reported revenue of $1.7 billion, up 9%. Overall, QCT division sales increased by 10% to $10 billion. Licensing unit QTL posted revenue of $1.5 billion, up 5%. “Our momentum across personal, industrial, and physical AI is growing, as evidenced by recent product announcements at CES and customer traction,” Amon said.