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Business Philosophy3 Oct 2024
Irwin Jacobs & Andrew Viterbi: Qualcomm's Pioneering Founders
In 1985, Irwin Jacobs and Andrew Viterbi co-founded Qualcomm, a leading company in telecommunications and semiconductor innovation.
Qualcomm
Qualcomm (QCOM) investor relations material
Qualcomm Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary4 Feb, 2026
Executive summary
Achieved record quarterly revenues of $12.3 billion, up 5% year-over-year, with record QCT and Automotive revenues; Non-GAAP EPS was $3.50, up 3% year-over-year.
QCT segment delivered $10.6 billion in revenue, with Automotive up 15% to $1.1 billion and IoT up 9% to $1.7 billion; Handset revenues reached $7.8 billion.
Completed the acquisition of Alphawave Semi for $2.3 billion, accelerating expansion into data centers and strengthening RISC-V and connectivity capabilities.
Net income was $3.0 billion, down 6% year-over-year, due to higher operating expenses and lower gross margin percentage.
Growth in AI momentum and product innovation across personal, industrial, and physical segments, with strong customer traction despite near-term handset headwinds.
Financial highlights
GAAP net income was $3.0 billion (down 6%); Non-GAAP net income was $3.8 billion (down 1%); GAAP diluted EPS was $2.78, Non-GAAP diluted EPS was $3.50.
QCT EBT margin was 31%, QTL EBT margin was 77%; QCT EBT was $3.3 billion, QTL EBT was $1.2 billion.
Returned $3.6 billion to shareholders via $2.6 billion in stock repurchases and $949 million in dividends.
Cash flow from operations reached $5.0 billion; cash and cash equivalents at quarter-end were $7.2 billion.
Gross margin was $6.7 billion on $12.3 billion in revenue; operating margin (GAAP) was 27.5%.
Outlook and guidance
Q2 revenue guidance: $10.2–$11.0 billion; Non-GAAP EPS: $2.45–$2.65; QCT revenue: $8.8–$9.4 billion; QTL revenue: $1.2–$1.4 billion.
QCT handset revenues forecasted at ~$6 billion due to memory constraints; QCT IoT to grow low teens% year-over-year; QCT Automotive to accelerate >35% year-over-year.
Non-GAAP operating expenses expected at ~$2.6 billion for Q2; effective tax rate set at 13.5% for FY26.
Guidance reflects reduced chipset orders and ongoing memory supply constraints impacting handset OEMs, especially in China.
Guidance includes the impact of the Alphawave acquisition and excludes certain unpredictable items.
Impact of memory constraints beyond Q2?
Alphawave Semi's role in data center expansion
How will AI drive 2029 revenue goals?
Handset OEMs' strategy for memory shortage
Drivers of accelerating automotive revenue growth?
What validates Qualcomm's data center strategy?
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Next Qualcomm earnings date
AGM 202617 Mar, 2026
Qualcomm
Next Qualcomm earnings date
AGM 202617 Mar, 2026
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Qualcomm: Quality Communication and Semiconductor Innovation
Founded in 1985, Qualcomm has transformed the digital communication industry with CDMA technology and its advanced semiconductor business.
Frequently asked questions
Quality Communications
Qualcomm Incorporated is a global semiconductor and telecommunications equipment company. Its primary focus is on designing and marketing wireless telecommunications products and services, and the company has made significant contributions to the development and commercialization of the 3G, 4G, and 5G communication standards. In addition to mobile networks, the company produces a wide range of chipsets, semiconductors, and software solutions used in a variety of devices and applications. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
From Satellites to Telecommunications
Founded in 1985 in San Diego, California, Qualcomm was established by engineers. The company initially concentrated on contracting business satellite communications before shifting its focus to the mobile communications sector. In the 1990s, Qualcomm was pivotal in developing the Code Division Multiple Access (CDMA) technology, which became a foundation for 3G mobile networks. As previously mentioned, Qualcomm played a significant role in the advancements of 4G and has been involved in the development and deployment of 5G technologies.
Focusing on 5G
Today, Qualcomm is a major player in the telecommunications sector, with a strong emphasis on 5G technologies. They collaborate extensively with network operators, equipment vendors, and device manufacturers to facilitate the deployment and optimization of 5G networks worldwide. Qualcomm's suite of products includes advanced modems, RF front-end solutions, and small-cell platforms, which collectively aim to enhance network coverage, increase capacity, and reduce latency.
Additionally, their technology solutions address various use cases beyond just smartphones, encompassing IoT devices, automotive connectivity, and more. The company also plays a significant role in defining 5G standards and specifications while it is being rolled out worldwide.
The Semiconductor Business
While Qualcomm might be best known for its telecommunications operations, it also operates within the production of semiconductors used in mobile devices. Central to this business segment is their Snapdragon platform, a series of system-on-chip (SoC) products for mobile devices, offering robust computing, graphics, and connectivity functionalities. These chipsets incorporate CPU, GPU, and AI modules, enhancing device performance, battery efficiency, and multimedia capabilities. Qualcomm's semiconductor portfolio isn't limited to mobile platforms alone; they serve a broader range of industries including automotive, IoT, and computing.
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