Qualcomm Reports Slight YoY Revenue Drop in FY26Q2, Dragged by Handsets but Automotive Business Shines

Qualcomm released its financial results for the second fiscal quarter of fiscal 2026, ending March 29, 2026. In the reporting period, the company posted revenue of $10.6 billion, down 3% year-over-year on a GAAP basis and 2% year-over-year on a non-GAAP basis. Non-GAAP net profit amounted to $2.84 billion, with a year-over-year decline of 10%. By business segment, QCT revenue fell 4% year-over-year to $9.076 billion, with handset business revenue down 13% year-over-year and automotive business revenue up 38% year-over-year. QTL revenue rose 5% year-over-year to $1.382 billion. Qualcomm projects third fiscal quarter revenue to range from $9.2 billion to $10.0 billion, with adjusted earnings per share expected between $2.10 and $2.30. QCT is forecast to generate $7.9 billion to $8.5 billion in revenue in the third fiscal quarter, while QTL revenue is projected at $1.15 billion to $1.35 billion.