On July 30, Qualcomm fell 5.52% in pre-market trading, trading at $146.48/share. The decline follows the company's fiscal Q3 earnings release after the prior session's close, which revealed significant profit deterioration and below-consensus forward guidance.

Qualcomm reported Q3 revenue of $9.95 billion, down 4% year-over-year and slightly above estimates, but net profit fell 25% to $2.0 billion. The handset business bore the brunt, with revenue declining 20% YoY to $5.1 billion amid unprecedented memory price surges and supply constraints. CEO Cristiano Amon warned that Apple-related revenue losses are accelerating faster than expected, with Qualcomm's component share in next-generation iPhones falling far below the previously estimated 20%.

Critically, Q4 adjusted EPS guidance of $2.05-$2.25 significantly missed the $2.36 analyst consensus. The company also announced chip price increases effective September 1. Analyst reactions were swift: TD Cowen slashed its target from $225 to $175, while Morgan Stanley cut to $220. Despite automotive revenue surging 61% to a record $1.59 billion and a 10-year BMW deal, these positives failed to offset core handset deterioration concerns.

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