On July 30, Qualcomm declined 4.53% in regular trading, trading at $146.46/share with turnover of $522 million. The sell-off followed the company's Q3 fiscal year earnings report released the prior evening, which revealed significant weakness in its core handset business.

Qualcomm reported Q3 revenue of $9.95 billion, down 4% year-over-year, while net profit plunged 25% to $2.0 billion. More critically, Q4 adjusted EPS guidance of $2.05-$2.25 fell well below the analyst consensus of $2.36. The handset segment posted $5.1 billion in revenue, down 20% YoY, with CEO Amon warning that Apple revenue will enter an accelerated decline trajectory, with component share in next-generation iPhones far below the previously estimated 20%.

Multiple Wall Street firms slashed price targets, including Bank of America (to $180), UBS ($170), Mizuho ($170), and Bernstein ($165). While automotive revenue hit a record $1.59 billion with 61% growth and BMW secured a 10-year chip supply deal, these positives failed to offset handset deterioration concerns. Qualcomm announced product price hikes effective September 1 to offset rising memory costs.

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