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- **Record Q1 Performance**: $12.3B revenue, $3.50 EPS, driven by automotive ($1.1B, +15% YoY) and IoT growth.
- **Memory-Driven Handset Slowdown**: Q2 QCT handset revenue expected at $6B (-13% YoY) due to DRAM shortages.
- **Strategic Acquisitions**: Alphawave and Ventana to strengthen AI and RISC-V data center solutions.
- **Diversification Success**: 10 automotive design wins, 40+ AI companion devices in development, and >35% YoY automotive revenue growth in Q2.
- **Cash Return**: $3.6B returned to shareholders in Q1, with disciplined OpEx management.

**【CEO Summary Section】**
- **Record Financials**: Q1 FY26 revenue of $12.3B and non-GAAP EPS of $3.50, both records. QCT (Qualcomm CDMA Technologies) revenue reached $10.6B, driven by flagship handsets, automotive, and IoT.
- **Automotive Growth**: Automotive revenue hit $1.1B, up 15% YoY, with 10 design wins for Snapdragon Ride Elite and Cockpit Elite. Partnership with Volkswagen Group for advanced infotainment and ADAS systems.
- **IoT Expansion**: IoT revenue grew 17% YoY, with new Dragonwing processors for Edge AI in industrial PCs, drones, and smart cameras. Robotics initiative launched with Dragonwing IQ10 chipset for physical AI applications.
- **Memory Constraints**: Handset OEMs reducing build plans due to DRAM shortages, impacting Q2 guidance. QCT handset revenue expected to drop to $6B, down 13% YoY.
- **Data Center Progress**: Acquired Alphawave and Ventana to strengthen AI and RISC-V capabilities. Snapdragon Digital Chassis solutions gaining traction with hyperscalers.

**【CFO Financial Commentary】**
- **Q1 Results**: Total revenue $12.3B, QTL (Licensing) revenue $1.6B (77% EBT margin). QCT EBT margin 31%, exceeding long-term target of 30%.
- **Q2 Guidance**: Revenue $10.2B-$11B, non-GAAP EPS $2.45-$2.65. QCT IoT growth expected at low teens YoY, automotive revenue to grow >35% YoY.
- **Cash Return**: $3.6B returned to shareholders (Q1), including $2.6B buybacks and $949M dividends.
- **OpEx Management**: Sequential increase in Q2 due to employee costs and acquisitions, but long-term focus on disciplined spending.

**【Q&A Highlights】**
- **Memory Impact**: OEMs prioritizing premium handsets, but overall market size constrained by DRAM availability. Qualcomm qualified with all memory suppliers, but supply chain challenges persist.
- **Data Center Momentum**: Positive feedback on AI250 and Oryon CPUs. HUMAIN shipments underway, with disaggregated data center solutions gaining traction.
- **Huawei License**: Discussions ongoing, no update on resolution. Other licensing renewals progressing as expected.
- **Robotics Growth**: 40+ AI companion devices in development, partnerships with 7/9 cloud providers. Dragonwing IQ10 platform targeting industrial and humanoid robots.
- **Long-Term Outlook**: FY29 targets remain on track, with diversification into automotive, IoT, and data centers offsetting near-term handset challenges.

QUALCOMM Incorporated (QCOM) Q1 2026 Earnings Call Transcript

- **Revenue Growth**: Q4 revenue of $11.3 billion (+9% QoQ) and EPS of $3 beat expectations, driven by Android handsets, automotive, and IoT.
- **Automotive Breakthrough**: $1 billion+ Q4 automotive revenue, up 17% YoY, with Snapdragon Ride Pilot validated in 60 countries.
- **AI Innovation**: Launched Snapdragon 8 Elite Gen 5 and AI200/250 SoCs, targeting 150 AI PC design wins by 2026.
- **Financial Strength**: Record free cash flow of $12.8 billion and 100% cash return to shareholders.
- **Future Growth**: FY26 Q1 guidance of $11.8-12.6 billion, with data center revenue expected to ramp in FY27.
- **Strategic Acquisitions**: Acquired Arduino to expand edge AI, and Alphawave to strengthen data center IP.


**【CEO Summary Section】**
- **Revenue and EPS Beat Expectations**: Q4 revenue of $11.3 billion and non-GAAP EPS of $3 exceeded the high end of guidance, driven by strong demand for Snapdragon-powered devices, automotive solutions, and IoT products.
- **Automotive Milestone**: QCT automotive revenue surpassed $1 billion for the first time, up 17% YoY, with the Snapdragon Ride Pilot platform validated in 60 countries.
- **AI and Mobile Innovation**: Launched Snapdragon 8 Elite Gen 5, featuring a custom Oryon Gen 3 CPU, and expanded into AI PCs with the Snapdragon X2 Elite platform, targeting 150 design wins by 2026.
- **Brand Expansion**: Acquired Arduino to accelerate edge AI development, and Snapdragon ranked #38 on Kantar's Global Brands list.
- **Long-Term Growth**: On track to achieve $22 billion in automotive and IoT revenue by FY29, with FY25 non-Apple QCT revenue growing 18% YoY.

**【CFO Financial Commentary】**
- **Q4 Financial Highlights**: QCT EBT margin of 29% (vs. 26% YoY), QTL EBT margin of 72%, and record free cash flow of $12.8 billion.
- **Revenue Breakdown**: Handset (+14% YoY), IoT (+7% YoY), and automotive (+36% YoY) all exceeded expectations.
- **Tax Impact**: $5.7 billion noncash tax charge due to U.S. tax legislation, but non-GAAP tax rate expected to remain stable at 13-14%.
- **FY26 Guidance**: Q1 revenue $11.8-12.6 billion, EPS $3.30-3.50, with QCT automotive revenue expected to remain flat to slightly up QoQ.
- **Cash Return**: Returned 100% of free cash flow to shareholders via buybacks and dividends.

**【Q&A Key Highlights】**
- **Data Center Strategy**: Announced AI200/250 SoCs for inference workloads, with HUMAIN deploying 200 MW starting in 2026. Expect data center revenue to become material in FY27.
- **Apple Modem Share**: Maintained 75% share assumption for Galaxy S26, with 100% share in Galaxy S25.
- **Automotive Momentum**: Snapdragon Digital Chassis adoption accelerating, with 60-country validation for Ride Pilot.
- **AI Smart Glasses**: 30 designs in production with partners like Meta, Samsung, and Google.
- **Robotics Expansion**: Acquired Edge Impulse and Foundries.io to build a comprehensive edge AI platform.


QUALCOMM Incorporated (QCOM) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 revenue $10.4B, up 11% YoY in chipset. Automotive/IoT up 21%/24% YoY, targeting $22B by FY29.
- **AI Leadership**: 124 smartphone AI designs, Snapdragon X Series PCs with 100+ designs, and 19 XR smart glasses designs.
- **Data Center Expansion**: $2.4B Alphawave acquisition to build ARM CPUs and AI accelerators, targeting fiscal '28 revenue.
- **Margins**: 30% EBT margin maintained, with FY25 EPS growth 16% YoY.
- **Q4 Guidance**: $10.3-11.1B revenue, 5% QoQ handset growth despite Apple decline, $1B automotive revenue.

**CEO Summary Section**
- **Revenue Growth**: Q3 revenue of $10.4 billion, with chipset business up 11% YoY to $9 billion. Automotive and IoT revenues grew 21% and 24% YoY, respectively.
- **Handset Strength**: Snapdragon 8 Elite platform drove $6.3 billion in handset revenue, up 7% YoY. Xiaomi collaboration extended with multiyear agreement for flagship devices.
- **AI and XR Expansion**: 124 smartphone designs using Snapdragon 8 Elite, with AI usage tripling in Samsung S25. Snapdragon X Series PCs saw 100+ designs, targeting $4 billion in 2029. XR platforms powered 19 smart glasses designs, including Meta's Oakley and Xiaomi's AI glasses.
- **Automotive Leadership**: 12 new Digital Chassis designs, 50 vehicle launches in FY25, and BMW's Neue Klasse ADAS deployment. QCT automotive revenue up 21% YoY to $984 million.
- **Data Center Ambitions**: Acquired Alphawave for $2.4 billion, targeting fiscal '28 revenue. Developing custom ARM CPUs and AI accelerators for hyperscalers, with 100+ tokens per dollar efficiency.

**CFO Financial Commentary**
- **Q3 Financials**: Non-GAAP EPS of $2.77 (near high end of guidance), QTL licensing revenue $1.3 billion (71% EBT margin). QCT EBT margin 30%, driven by IoT and automotive growth.
- **Guidance FY25**: Revenue growth 12%, EPS up 16% YoY. Q4 revenue $10.3-$11.1 billion, with QCT IoT flat sequentially and automotive $1 billion.
- **Shareholder Returns**: $3.8 billion returned in Q3 (2.8B buybacks, 967M dividends), targeting 100% free cash flow return.

**Q&A Highlights**
- **Handset Dynamics**: 5% QoQ growth in Q4 despite lower Apple share, driven by new Snapdragon 8 Elite launches. No evidence of China demand pull-in.
- **Data Center Strategy**: In advanced talks with hyperscaler for custom ARM CPUs, targeting fiscal '28 revenue. Alphawave IP to complement Oryon CPUs and Hexagon NPUs.
- **Samsung Share**: Baseline 75% share in Galaxy S26, with upside potential. Snapdragon 8 Elite ASP growth continues in premium tier.
- **China Position**: Strong Xiaomi collaboration and automotive expansion, with 30-year track record of success in China.
- **Margin Resilience**: 30% EBT margin maintained despite Apple revenue decline, driven by IoT and automotive growth exceeding Apple impact.

QUALCOMM Incorporated (QCOM) Q3 2025 Earnings Call Transcript

- **Revenue Beats Expectations**: Q2 non-GAAP revenue of $10.8B (+17% YoY), driven by 59% YoY growth in automotive and 27% in IoT.
- **AI-Driven Innovation**: Acquired Edge Impulse and FocusAI to expand edge AI capabilities. X85 5G modem delivers 12.5 Gbps speeds and AI-powered connectivity.
- **China Growth Momentum**: 30% of new smartphones priced >$400 in 2024, up from 21% in 2019. Secured 30 new automotive designs in Q2.
- **Financial Strength**: Returned $2.7B to shareholders. Q3 guidance reflects 10% YoY handset growth and 20% YoY automotive expansion.
- **Long-Term Vision**: Target $22B non-handset revenue by FY29, including $8B in automotive and $4B in PCs.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 non-GAAP revenue of $10.8 billion, up 17% YoY, driven by 12% YoY growth in handsets and 59% YoY in automotive. AI-powered platforms like Snapdragon 8 Elite and X85 modem are key growth drivers.
- **AI Strategic Focus**: Investing in edge AI for IoT, automotive, and XR. Acquired Edge Impulse and FocusAI to expand edge AI development tools and video analytics solutions.
- **New Product Launches**: X85 5G modem with 12.5 Gbps speeds and AI connectivity for hybrid AI experiences. Snapdragon-based PCs now account for 9% of $600+ Windows laptops in key markets.
- **Long-Term Targets**: $22 billion non-handset revenue by FY29, including $8B in automotive and $4B in PCs.

**【CFO Financial Commentary】**
- **Q2 Financials**: Non-GAAP EPS of $2.85 (vs. $2.65 guidance midpoint). QCT EBT margin 30%, QTL EBT margin 70%. Returned $2.7B to shareholders (70% free cash flow).
- **Q3 Guidance**: $9.9B-$10.7B revenue, $2.60-$2.80 EPS. Handset revenue +10% YoY, IoT +15%, automotive +20%. Operating expenses ~$2.25B.
- **Cash Flow**: Increased capital return to 100% of free cash flow, reflecting confidence in cash generation.

**【Q&A Key Themes】**
- **Tariff Impact**: No direct financial impact seen, but monitoring macro uncertainty. Diversified supply chain mitigates risks.
- **China Market**: Strong design wins in automotive, XR, and industrial. Subsidies boost premium smartphone demand, 30% of new devices priced >$400 in 2024 vs. 21% in 2019.
- **PC Business**: 85+ Snapdragon-based PC designs in pipeline. Target 12% share of Windows laptops >$600 by FY29.
- **AI Margins**: Stable gross margins despite mix shifts. AI content expansion in handsets and IoT drives ASP growth.
- **Huawei Royalties**: No updates on negotiations, but focus on executing existing customer relationships.

QUALCOMM (QCOM)-30 Apr 25-2025 Q2 Earnings call transcript

- **Q1 Record Performance**: $11.7B revenue, $3.41 non-GAAP EPS, with QCT hitting $10.1B for first time.
- **AI-Driven Growth**: Snapdragon 8 Elite powers Samsung S25 with doubled AI features; Snapdragon X targets $600 PCs in 2026.
- **Non-Handset Expansion**: Automotive/IoT up 61% YoY; 80+ PC designs in pipeline, targeting $22B non-handset revenue by 2029.
- **Cost Efficiency**: 5% YoY opex decline; gross margin set to improve in H2 FY25 with AI scale.


**【CEO Opening Remarks】**
- Q1 FY25 revenue reached **$11.7 billion**, a **record high**, with non-GAAP EPS of **$3.41**.
- QCT (chipset) business achieved **$10.1 billion** in revenue, marking the first $10 billion quarter, driven by **record automotive and IoT revenues** (61% YoY growth) and **handset revenue growth**.
- Licensing segment contributed **$1.5 billion** in revenue.

**【Mobile & AI Strategy】**
- Snapdragon 8 Elite for Galaxy powers Samsung Galaxy S25, featuring **doubled AI features** compared to prior models.
- Chinese OEMs have strong design wins for Snapdragon 8 Elite-powered flagships.
- **Snapdragon X** platform targets $600 PCs, with Acer, ASUS, Dell, HP, and Lenovo set to launch devices in 2026.
- **On-device AI inference** is accelerating, with DeepSeek-R1 models running on Snapdragon devices within days of release.

**【Diversification Goals】**
- Non-handset revenue target of **$22 billion by 2029**, with Q1 FY25 automotive/IoT revenue up 61% YoY.
- Over **80 PC designs** in production/development on Snapdragon X Series, targeting 100+ by end-2026.
- **50+ AI applications** optimized for Windows 11, including enterprise collaboration and productivity tools.

**【Financial Highlights】**
- Q1 FY25 GAAP net income: **$420 million**.
- Non-GAAP EPS exceeded expectations at **$1.08**, driven by **5% YoY decline in operating expenses** due to cost control.
- Gross margin expected to **improve in H2 FY25** as AI-driven products scale.


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