Qualcomm to Report Q3 Earnings Smartphone Chip Headwinds

Qualcomm Incorporated is set to report its fiscal third-quarter earnings after the market closes on Wednesday, July 29, 2026, with analysts anticipating another challenging period for the semiconductor giant. The company faces significant headwinds in its core smartphone chip business, though its ongoing diversification into automotive and data center markets offers a potential counterbalance.

Wall Street expects revenue for the quarter to decline 6.5% year-over-year to approximately $9.69 billion, a sharp reversal from the 10.4% growth reported in the same period last year. Adjusted earnings per share are projected to fall 19% to $2.24. The stock has retreated about 10% over the past month, trading recently around $170, which is roughly 30% below the average analyst price target of $221.23. Options markets indicate traders are bracing for significant volatility, pricing in a potential move of 9.34% in either direction following the report.

The primary pressure stems from the smartphone market, where elevated memory chip prices have squeezed the budgets of phone manufacturers, dampening demand for Qualcomm's processors. In its previous quarter, which ended March 29, 2026, the...