Updated 5 November 2026, 07:00 GMT (before the US open). Qualcomm (NASDAQ: QCOM) closed after-hours trading at $160.16 on Wednesday, down 7.52 percent from its $173.19 regular-session close (StockAnalysis, 7:59 p.m. ET). Overnight trading on the Blue Ocean venue showed $156.85 at 1:44 a.m. ET (Yahoo Finance). The fiscal fourth quarter beat estimates, with $10.32 billion of revenue and $2.17 of adjusted EPS, but the first-quarter EPS guide of $2.15-$2.35 has a midpoint of $2.25, below the roughly $2.32 analysts expected. Verdict: the stock had risen 5.33 percent into the print on a SpaceX deal and the post-election rally, so the guide hit a stock priced for good news. Reference levels: $150 below, $174 above.
Key facts
- Price: $173.19 close on Wednesday 4 November, up $8.76 or 5.33 percent; after-hours $160.16, down 7.52 percent (StockAnalysis). Day range $162.75-$174.00.
- Fiscal Q4: revenue $10.32 billion against about $10.12 billion expected, adjusted EPS $2.17 against $2.16 (FinanceFeeds desk report; Yahoo Finance shows non-GAAP revenue of $10.44 billion).
- Guidance: fiscal Q1 revenue $10.4-$11.2 billion, ahead of the roughly $10.6 billion consensus at the midpoint; adjusted EPS $2.15-$2.35 against about $2.32 expected.
- Handsets: revenue fell 26 percent to $5.14 billion from $6.96 billion a year earlier, below the roughly $5.3 billion analysts expected.
- Automotive: a record $1.99 billion, up 89 percent; full-year automotive revenue $6.00 billion, up 52 percent.
- Analysts: consensus rating Hold across 37 analysts, average 12-month target $197.03 (StockAnalysis). 52-week range $121.99-$259.92.
Why the stock fell after a beat
The quarter was fine. The problem is the next one. Revenue guidance was strong, but the profit guide was not, and the reason is costs. Qualcomm said the semiconductor industry is seeing a broad-based increase in input costs across wafer fabrication and assembly (TheFly via StockAnalysis), and rising memory prices are pushing handset makers to raise prices, which hurts demand (QUE.com, citing the call). That combination means more revenue at a lower margin.
Timing made it worse. Qualcomm rose 5.33 percent during Wednesday’s session, after announcing that SpaceX selected its Dragonwing technology for Starlink Mobile’s planned US terrestrial 5G network, and as the market rallied on the midterm result. The after-hours drop took back that gain and more. Our desk report on the after-hours reaction has the full segment breakdown.
Reports of the size of the drop vary with the time they were taken: about 2 percent early on (InvestingLive), about 5 percent at $164.50 (TheFly), 7.52 percent at the after-hours close and 9.43 percent in overnight trading. The regular session on Thursday sets the real number.
Handsets shrinking, everything else growing
Handset revenue of $5.14 billion was down $1.82 billion from a year earlier. Automotive grew by $0.94 billion over the same period, so an 89 percent jump replaced only about half of the lost phone revenue. Our earnings preview flagged handsets as the main risk, and that is where the quarter fell short.
Chief executive Cristiano Amon is asking investors to look at fiscal 2027. He said it will mark the start of a “non-handset revenue inflection”, with non-handset businesses projected to grow more than 60 percent, and Qualcomm kept its target of $5 billion in data center revenue for fiscal 2027 as shipments to hyperscale customers begin. Data center revenue will be included in chip-segment guidance from the first quarter of fiscal 2027.
The bull case therefore depends on contracts that have not yet produced much revenue: the AWS custom-silicon collaboration announced in September, the Starlink Mobile deal, whose value was not disclosed, and the Anduril laptop programme with orders planned for 2027.
What analysts had before the print
Bernstein’s Stacy Rasgon cut his target to $155 from $165 on 2 November with a Market Perform rating (Yahoo Finance). Susquehanna’s Christopher Rolland raised his to $185 from $160 with a neutral rating (BigGo). The $197.03 average target sits about 23 percent above the after-hours price, but most analysts rate the stock Hold. Expect target changes from Thursday’s pre-market.
Qualcomm stock: bull, base and bear
| Scenario | QCOM | What has to happen | Anchor |
|---|---|---|---|
| Bear | $150 | Analysts cut targets on the margin guide, the overnight weakness carries into the regular session and memory costs become the story. | Below Bernstein’s $155 target; about 6.3 percent below $160.16. |
| Base | $155-$168 | The stock holds most of the after-hours loss while investors weigh the strong revenue guide against weaker margins. | Between Bernstein’s $155 target and Tuesday’s $164.43 close, with a little room above. |
| Bull | $174 | Investors focus on the revenue guide, the $5 billion data center target and Starlink, and buy the dip. | Wednesday’s intraday high of $174.00; about 8.6 percent above $160.16. |
The bear case sits below the after-hours price. These are reference levels measured from the verified after-hours close, not forecasts.
What to watch
- The opening print on Thursday: whether QCOM opens nearer $160 or the $156.85 overnight level.
- Price target changes: Bernstein at $155 is the low end of the recent notes; cuts towards it would confirm the bear case.
- Memory prices: the cost pressure behind the guide is shared across the chip sector. AMD’s results this week are covered in our AMD stock page.
- Data center contracts: any value disclosed for Starlink Mobile or new hyperscale customers.
Quick take: Qualcomm is near $160 after hours, down 7.52 percent from Wednesday’s $173.19 close, after beating Q4 estimates but guiding Q1 EPS to a $2.25 midpoint against about $2.32 expected. Handset revenue fell 26 percent, input costs are rising and the stock had already gained 5.33 percent on the day. Expect $155-$168 while targets are revised; $150 needs a wave of cuts, $174 needs investors to buy the data center story.
FAQ
Why is Qualcomm stock down today?
Qualcomm guided fiscal Q1 adjusted EPS to $2.15-$2.35, a $2.25 midpoint below the roughly $2.32 consensus, and handset revenue fell 26 percent. The shares fell 7.52 percent after hours to $160.16 (StockAnalysis).
Did Qualcomm beat earnings?
Yes. Fiscal Q4 revenue was $10.32 billion against about $10.12 billion expected, and adjusted EPS was $2.17 against $2.16.
What is Qualcomm’s guidance?
Fiscal Q1 revenue of $10.4-$11.2 billion and adjusted EPS of $2.15-$2.35. The revenue range is above consensus at the midpoint; the EPS range is below it.
What is the Qualcomm stock price target?
The average 12-month target is $197.03 across 37 analysts, with a consensus Hold rating (StockAnalysis). Bernstein has $155 and Susquehanna $185.
How big is Qualcomm’s data center business?
Qualcomm is targeting $5 billion of data center revenue in fiscal 2027 and will include it in chip-segment guidance from the first quarter of that year.
What was the SpaceX deal?
SpaceX selected Qualcomm’s Dragonwing infrastructure technology for Starlink Mobile’s planned US terrestrial 5G network, with deployment expected to start in 2027. The contract value was not disclosed.
Sources: StockAnalysis, 4-5 November (close, after-hours price, day range, 52-week range, consensus target, TheFly headlines); Yahoo Finance, 5 November (overnight Blue Ocean quote, non-GAAP revenue, Bernstein rating); FinanceFeeds desk reports, 4-5 November (results, guidance, segment figures, Amon comments, SpaceX, AWS and Anduril); InvestingLive, 4 November (early after-hours move); QUE.com, 4 November (memory-cost commentary from the call); BigGo Finance, 3 November (Susquehanna target).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.