QUALCOMM $QCOM JUST REPORTED Q3 EARNINGS • Revenue: $9.95B, beating expectations of $9.67B 🟢 • Adjusted EPS: $2.21, missing expectations of $2.23 🔴 • GAAP EPS: $1.87 • Net income: $2.0B Q4 guidance: • Revenue: $9.7B-$10.5B vs expectations of $10.02B • Adjusted EPS: $2.05-$2.25, below expectations of $2.36 🔴 Per the presentation, the Apple revenue step-down accelerates starting in Q4, Android handset revenue falls about 20% this fiscal year, cutting annual EPS by more than $1.50, and non-handset revenue including data center accelerates from 24% growth in FY26 to greater than 60% in FY27, enough to replace all of FY26 Apple revenue. The company also cites "unprecedented increases in memory pricing" and supply constraints as cyclical headwinds for the global smartphone industry, with China handset revenue bottoming in Q3.