Qualcomm reported $10.6 billion in revenue for fiscal year Q2 2026, marking a 3% year-over-year decline as the company navigates ongoing industry-wide memory shortages and shifting market demands.

Key Points

• Qualcomm’s Q2 2026 revenue of $10.6 billion fell short of the $10.98 billion reported in Q2 2025.
• The QCT division experienced a 13% revenue decline, while Automotive and IoT sectors grew by 38% and 9%, respectively.
• Fiscal Q3 guidance is set between $9.2 billion and $10.0 billion, reflecting lower channel inventory from OEMs in China.
• CEO Cristiano Amon confirmed that new AI-focused data center chips are scheduled for release later this year and in 2027.
• Qualcomm maintains a 70% market share for the Samsung Galaxy S26 series via the Snapdragon 8 Elite Gen 5 processor.

Why it Matters

The ongoing global memory shortage is forcing manufacturers to raise smartphone prices, potentially impacting consumer demand and long-term device adoption rates. Qualcomm’s cautious outlook suggests that while the company expects a return to growth by Q4, the broader tech industry remains vulnerable to supply chain volatility through 2027.