Qualcomm’s Q3 FY26 earnings beat revenue estimates but missed EPS, driving an 11% share decline despite record automotive growth.
Qualcomm reported Q3 FY26 revenue of $9.95 billion, topping consensus by 2.84%, while non-GAAP EPS of $2.21 missed by a penny. Shares fell 11.36% over the past week, extending a 17.51% monthly decline and trading 15% below the 52-week high of $258.96.
Handset revenue dropped 20% year over year to $5.09 billion, but automotive revenue surged 61% to a record $1.59 billion, marking the 23rd consecutive quarter of double-digit growth. The company closed its acquisition of Modular Inc. and secured a deal as BMW Group’s lead compute silicon provider.
Analysts at 24/7 Wall St. maintained a $242.62 price target, implying 55.85% upside from the current $155.68, with a buy recommendation and 90% model confidence.