Qualcomm cuts Q4 profit outlook as smartphone slump deepens

Qualcomm Inc., the world's largest smartphone chipmaker, issued a weaker-than-expected profit forecast for its current quarter on Wednesday, July 29, 2026, citing a deepening smartphone slump and a faster-than-anticipated decline in business from Apple Inc. The company's stock fell more than 4% in after-hours trading following the announcement.

For the fiscal fourth quarter ending in September, Qualcomm projected adjusted earnings of $2.05 to $2.25 per share, below the average analyst estimate. It expects revenue between $9.7 billion and $10.5 billion. The company also reported that its fiscal third-quarter sales, for the period ended June 28, decreased 4% to approximately $9.95 billion, while adjusted earnings were $2.21 per share.

In a statement and subsequent interviews, CEO Cristiano Amon detailed the pressures facing the company. He stated that supply constraints will reduce Qualcomm's share of components in Apple's upcoming iPhone lineup to well below the company's earlier estimate of 20%. This will cause revenue from Apple products to decline more rapidly starting in the current quarter. Amon attributed this accelerated transition partly to ongoing semiconductor supply...