Qualcomm’s Q3 results fell 4% year-over-year, with its US-listed shares dropping nearly 4% in after-hours trading.

Qualcomm (QCOM.O) reported fiscal 2026 Q3 revenue of $9.95 billion, down 4% year-over-year from $10.365 billion in the same period last year, and missing the market consensus estimate of $9.66 billion. The chipmaker projects Q4 revenue to range between $9.7 billion and $10.5 billion, below the market expectation of $10.02 billion. Revenue from Apple-related products is expected to decline at a faster pace starting in the fourth quarter. In the near term, the growth rate of non-handset business revenue (including data center operations) is projected to accelerate from 24% in fiscal 2026 to over 60% in fiscal 2027. Unprecedented rises in memory prices and supply shortages in fiscal 2026 have brought cyclical headwinds to the global smartphone industry. The year-over-year increase in non-handset business revenue in fiscal 2027 is expected to exceed Qualcomm’s total revenue from Apple products in fiscal 2026. As of press time, Qualcomm’s U.S. shares fell 3.97% in after-hours trading.