Qualcomm: Smartphone revenue hits the bottom in Q3. Now the CPU rocket is launching in the data center!

Qualcomm has presented results for its second fiscal quarter of 2026 that are causing a stir on Wall Street – not so much because of the raw numbers, but due to a fundamental shift in the business model. With revenue of $10.6 billion and an adjusted EPS of $2.65, the chip giant landed at the upper end of its own forecasts. However, the outlook for the third quarter remains cautious, with a revenue range of $9.2 to $10 billion and an expected adjusted earnings per share between $2.10 and $2.30. Background factors include cyclical headwinds in...