Qualcomm Earnings Preview: Moderate Buy Rating Maintained Amid Apple Modem Threat
Qualcomm faces a pivotal moment as it prepares to report Q1 fiscal 2026 earnings on February 4. Analysts project $3.39 EPS and $12.12 billion revenue, marking eight consecutive quarters of surpassing expectations. The stock's 11% annual decline contrasts sharply with Wall Street's 27.5% upside projection.
Apple's in-house modem development looms large over Qualcomm's future, threatening its single largest revenue stream. The semiconductor giant navigates turbulent waters as global handset shipments are expected to contract 4% in 2026 due to memory chip shortages and pricing pressures.
Friday's trading saw QCOM shares dip 0.41% to $151.59, continuing its year-long underperformance. The earnings call will scrutinize premium Android demand and the company's ability to diversify beyond smartphone chipsets.
