On July 30, Qualcomm declined 4.55% overnight, trading at $149.01/share, with turnover of $1,787.28. The drop followed the company's fiscal Q3 earnings release after market close on July 29.

Qualcomm reported fiscal Q3 adjusted EPS of $2.21, missing the consensus estimate of $2.23, while revenue of $9.95 billion declined 4% year-over-year but beat estimates of $9.69 billion. Net profit fell 25% YoY to $2.0 billion, pressured by unprecedented memory price surges. The company guided Q4 adjusted EPS of $2.05-$2.25, below expectations, and warned that Android handset revenue would decline approximately 20%, reducing annual EPS by over $1.50. Management also noted Apple-related revenue losses are accelerating faster than anticipated.

Qualcomm simultaneously announced price hikes of potentially double-digit percentages effective September 1 to offset supply chain cost pressures. On a positive note, the company secured a decade-long chip supply agreement with BMW for digital cockpit and automated driving systems, and its CFO projected automotive revenue growing approximately 60% YoY in Q4, with non-phone business revenue share rising from 24% in FY2026 to over 60% in FY2027.

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