By Tae Kim

Qualcomm gave a disappointing outlook for its current quarter. Its shares were falling in after-hours trading.

For the December quarter, the chip company reported earnings per share of $3.50, compared to Wall Street's consensus estimate of $3.39, according to FactSet. Revenue came in at $12.25 billion, which was above analysts' expectations of $12.13 billion.

But Qualcomm forecast a revenue range for the current quarter of $10.2 billion to $11 billion, which was below the consensus of $11.11 billion.

Qualcomm shares fell as much as 7% initially following the release.

This is breaking news. Read a preview of Qualcomm earnings below and check back for more analysis soon.

Qualcomm is facing some bumps this year, but the stock is still attractive.

The maker of mobile processors and 5G wireless chipsets will offer its latest update when it reports after the market close.

The Wall Street consensus estimates for Qualcomm is for the company to report December quarter revenue of $12.13 billion, with adjusted earnings per share of $3.39. Analysts' consensus estimates for the current quarter are for revenue of $11.11 billion and EPS of $2.90.

On Monday, Bernstein analyst Stacy Rasgon reiterated an Outperform rating on Qualcomm shares. Rasgon has a $200 target for the stock.

There have been concerns that rising memory prices could crimp demand for smartphones this year.

"Qualcomm has remained out of favor amid [a] general distaste of smartphones...and recent dynamics in the memory market," he wrote. "We still believe there is value to be had under the surface [with its] objectively strong product portfolio."

The analyst cited how Qualcomm stock's ratio of price to forward earnings is at a 44% discount to the number for the S&P 500.

Qualcomm stock is down 15% this year, compared with a 13% rise for the iShares Semiconductor exchange-traded fund.

Write to Tae Kim at tae.kim@barrons.com

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February 04, 2026 16:12 ET (21:12 GMT)

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