Qualcomm and $SPCX Big Rocket collaboration
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老腊肉-kevin
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#美国10月非农出炉：降息还有戏吗？ Qualcomm earnings: a headline beat, a hidden landmine—phone chip revenue shrank 26% overnight. Is this falling knife worth catching?
Don’t rush to bash it after hours—the earnings look pretty mixed when you break them down.
Q4 revenue came in at $10.442 billion and EPS at $2.17, both slightly above expectations. But the midpoint of its first-quarter EPS guidance was $2.25, seven cents below the market’s $2.32 estimate. The stock promptly plunged more than 7% after hours, closing at $173.73 and falling to around $161 after the bell. Put simply, the market isn’t unhappy with last quarter—it’s worried that next quarter’s profits won’t be strong enough.
The problem is phone chips: revenue was $5.137 billion, down 26% year over year. Higher memory prices have forced phone makers to cut production, and global smartphone shipments fell 20% year over year in the third quarter.
But on the call, Amon was bullish, saying Android had bottomed out and was recovering quarter over quarter. He also said non-phone businesses would grow more than 60% in fiscal 2027, fully offsetting the gap left by Apple’s exit, with phones accounting for less than 50% of revenue for the first time.
What really made people sit up and listen: automotive chips brought in a record $1.99 billion for the quarter, up 89% year over year; the data center business has officially entered commercialization, and Amazon’s custom-chip deal has potential value of up to $60 billion. Qualcomm also landed a major long-term contract for 5G equipment with SpaceX’s Starlink. Its fiscal 2027 data center revenue target remains unchanged at $5 billion.
Bottom line: this stock isn’t out of the question, but don’t jump in when after-hours sentiment is at its worst.
The phone business’s mess hasn’t been cleared up yet. Gross margins won’t recover until the effects of price increases show up in the second half of 2027, and there’s no hard data in the near term to disprove the idea that phones are weighing on results.
If you’re buying the dip, you’re betting on automotive and data centers filling the gap—not fantasizing about a phone-market recovery. $QCOM $QCOMB $SPCX
Don’t rush to bash it after hours—the earnings look pretty mixed when you break them down.
Q4 revenue came in at $10.442 billion and EPS at $2.17, both slightly above expectations. But the midpoint of its first-quarter EPS guidance was $2.25, seven cents below the market’s $2.32 estimate. The stock promptly plunged more than 7% after hours, closing at $173.73 and falling to around $161 after the bell. Put simply, the market isn’t unhappy with last quarter—it’s worried that next quarter’s profits won’t be strong enough.
The problem is phone chips: revenue was $5.137 billion, down 26% year over year. Higher memory prices have forced phone makers to cut production, and global smartphone shipments fell 20% year over year in the third quarter.
But on the call, Amon was bullish, saying Android had bottomed out and was recovering quarter over quarter. He also said non-phone businesses would grow more than 60% in fiscal 2027, fully offsetting the gap left by Apple’s exit, with phones accounting for less than 50% of revenue for the first time.
What really made people sit up and listen: automotive chips brought in a record $1.99 billion for the quarter, up 89% year over year; the data center business has officially entered commercialization, and Amazon’s custom-chip deal has potential value of up to $60 billion. Qualcomm also landed a major long-term contract for 5G equipment with SpaceX’s Starlink. Its fiscal 2027 data center revenue target remains unchanged at $5 billion.
Bottom line: this stock isn’t out of the question, but don’t jump in when after-hours sentiment is at its worst.
The phone business’s mess hasn’t been cleared up yet. Gross margins won’t recover until the effects of price increases show up in the second half of 2027, and there’s no hard data in the near term to disprove the idea that phones are weighing on results.
If you’re buying the dip, you’re betting on automotive and data centers filling the gap—not fantasizing about a phone-market recovery. $QCOM $QCOMB $SPCX
