By Katherine Hamilton

Qualcomm logged higher revenue in its fiscal first quarter, but said the memory supply shortage will put a damper on its performance in the current quarter.

The semiconductor company on Wednesday posted a profit of $3 billion, or $2.78 a share, in the fiscal first quarter, compared with $3.18 billion, or $2.83 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $3.50, ahead of the $3.39 anticipated by analysts, according to FactSet.

Revenue rose 5% to $12.25 billion. Analysts surveyed by FactSet forecast revenue of $12.13 billion.

"Our momentum across personal, industrial and physical AI is growing," Chief Executive Cristiano Amon said.

In the second quarter, Qualcomm expects revenue to be $10.2 billion to $11 billion, below the $11.11 billion expected by analysts. The company guided for adjusted earnings per share of $2.45 to $2.65, also missing Wall Street's estimates of $2.90.

Amon said the near-term outlook is being weighed down by an industry-wide shortage of memory supply.

Still, he said, demand from end-consumers for premium and high-tier smartphones remains strong. Qualcomm is still on track to hit its 2029 revenue goals, he said.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

February 04, 2026 16:24 ET (21:24 GMT)

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