Qualcomm Q3 Revenue Falls 4% YoY to $9.95B, Stock Drops 4%

Qualcomm reports $9.95B Q3 revenue, missing expectations amid Apple decline fears. Non-smartphone growth projected to surge, offsetting cyclical headwinds.

Woofun AI reports that Qualcomm recorded $9.95 billion in revenue for the third quarter of fiscal year 2026, representing a 4% year-over-year decline from $10.365 billion and surpassing the market expectation of $9.66 billion. The company projects fourth-quarter revenue between $9.7 billion and $10.5 billion, against a consensus estimate of $10.02 billion.

Management anticipates an acceleration in revenue declines from Apple-related products starting in the fourth quarter.

However, non-smartphone segments, including data centers, are expected to see growth rates rise from 24% in fiscal 2026 to over 60% in fiscal 2027. Despite cyclical headwinds from memory price hikes, non-smartphone revenue growth in fiscal 2027 is projected to exceed total Apple product revenue from fiscal 2026. Qualcomm shares fell 3.97% in after-hours trading.