Qualcomm revenue beats expectations, profit drops sharply year-over-year.

Qualcomm fourth fiscal quarter adjusted revenue was $10.44 billion, down 7.3% year-over-year, above expectations; adjusted earnings per share were $2.17, compared with $3 in the same period last year, slightly beating expectations. Automotive business revenue was $1.99 billion, up 89% year-over-year; IoT revenue was $1.89 billion, up 4.5% year-over-year. Adjusted operating profit was $2.77 billion, down 27% year-over-year. Full-year capital expenditure was $2.49 billion, above expectations. Guidance for the next fiscal quarter: revenue of $10.4 billion-$11.2 billion, adjusted earnings per share of $2.15-$2.35, with a relatively weak profit guidance. CEO Amon stated: in fiscal 2027, non-handset revenue will begin high growth, expected to increase more than 60% year-over-year, maintaining the $5 billion revenue target for the data center business; product price increases will offset costs, with the benefits expected to be reflected in QCT gross margin in the second half of fiscal 2027.