tech

February 4, 2026

Qualcomm stock sinks as memory shortage drags on forecast

"We're starting to see that memory is going to define the size of the mobile market," Qualcomm CEO Cristiano Amon said in an interview.

Qualcomm stock sinks as memory shortage drags on forecast

TL;DR

  • Qualcomm exceeded LSEG consensus estimates for Q1 adjusted EPS ($3.50 vs. $3.41) and revenue ($12.25 billion vs. $12.21 billion).
  • The company's forecast for the current quarter missed expectations, with projected revenue between $10.2 billion and $11 billion, compared to the $11.11 billion estimated by analysts.
  • Qualcomm attributes the weaker guidance directly to a global memory shortage, which is diverting production capacity away from smartphones.
  • Handset sales rose 3% year-over-year to $7.82 billion, while overall revenue grew 5% in the quarter.
  • Smaller business segments showed strong growth: Internet of Things revenue increased 9% to $1.69 billion, and automotive and robotics business rose 15% to $1.1 billion.
  • QTL (licensing) revenues were reported at $1.59 billion for the quarter.

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