According to a report published by Citi, Qualcomm's third-quarter revenue was 9.95 billion US dollars, down 6% from the previous quarter, higher than market expectations of 9.7 billion US dollars, mainly driven by the automotive business winning expectations; gross profit margin of 53.7%, down 72 basis points from month to month, lower than market expectations of 55.3%, due to rising investment costs and poor product portfolio; and earnings per share of 1.52 US dollars, 1% lower than market expectations. Management's revenue guidance for the fourth quarter was US$10.1 billion, up 2% month-on-month, higher than market expectations of US$10.07 billion, driven by strong automotive business; however, earnings per share of US$1.43, lower than market expectations of US$1.58, due to pressure on gross margin and rising operating expenses. Qualcomm expects its share of the upcoming iPhone to drop sharply from 20% previously anticipated, and Apple-related revenue will be reduced by about half from the September quarter to December quarter. According to Citi, the first two custom chip design projects for data centers will begin contributing revenue in the December quarter. Data center revenue is expected to reach 5 billion US dollars in fiscal year 2027 and reach 15 billion US dollars in fiscal year 2029. However, the gross margin of the first batch of data center products is expected to be significantly lower than the baseline level, which will drag down QCT gross margin by 1.5 to 2 percentage points. Citi lowered its earnings forecast per share by 3%, 23%, and 19% for the 2026-2028 fiscal year. The target price was lowered from $198 to $175, which is equivalent to 20 times the projected price-earnings ratio for the 2028 fiscal year, maintaining a “neutral” rating.

According to a report published by Citi, Qualcomm's third-quarter revenue was 9.95 billion US dollars, down 6% from the previous quarter, higher than market expectations of 9.7 billion US dollars, mainly driven by the automotive business winning expectations; gross profit margin of 53.7%, down 72 basis points from month to month, lower than market expectations of 55.3%, due to rising investment costs and poor product portfolio; and earnings per share of 1.52 US dollars, 1% lower than market expectations. Management's revenue guidance for the fourth quarter was US$10.1 billion, up 2% month-on-month, higher than market expectations of US$10.07 billion, driven by strong automotive business; however, earnings per share of US$1.43, lower than market expectations of US$1.58, due to pressure on gross margin and rising operating expenses. Qualcomm expects its share of the upcoming iPhone to drop sharply from 20% previously anticipated, and Apple-related revenue will be reduced by about half from the September quarter to December quarter. According to Citi, the first two custom chip design projects for data centers will begin contributing revenue in the December quarter. Data center revenue is expected to reach 5 billion US dollars in fiscal year 2027 and reach 15 billion US dollars in fiscal year 2029. However, the gross margin of the first batch of data center products is expected to be significantly lower than the baseline level, which will drag down QCT gross margin by 1.5 to 2 percentage points. Citi lowered its earnings forecast per share by 3%, 23%, and 19% for the 2026-2028 fiscal year. The target price was lowered from $198 to $175, which is equivalent to 20 times the projected price-earnings ratio for the 2028 fiscal year, maintaining a “neutral” rating.