Qualcomm just delivered a classic earnings plot twist: beat the quarter, tank on the guidance. The chipmaker posted fiscal Q1 2026 results that topped Wall Street estimates, then immediately followed up with a profit forecast weak enough to send shares tumbling as much as 11% in after-hours trading.
The numbers tell two very different stories
Qualcomm’s fiscal Q1 2026 looked solid on paper. Adjusted earnings per share came in at $3.50, beating the $3.41 consensus. Revenue hit $12.25 billion against expectations of $12.21 billion.
For Q2 fiscal 2026, Qualcomm guided revenue between $10.2 billion and $11 billion. Wall Street had been expecting $11.11 billion. The adjusted EPS forecast of $2.45 to $2.65 landed even further below the $2.89 consensus.
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