# Qualcomm (QCOM): Apple Is Leaving Faster Than Guided — Is The Diversification Big Enough?

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/qualcomm-qcom-apple-is-leaving-faster-than-guided-is-the-diversification-big-enough
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/qualcomm-qcom-apple-is-leaving-faster-than-guided-is-the-diversification-big-enough.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-30T12:48:27+00:00
Episode link: https://chargedalpha.podbean.com/e/qualcomm-qcom-apple-is-leaving-faster-than-guided-%e2%80%94-is-the-diversification-big-enough/
Audio file: https://mcdn.podbean.com/mf/web/mjt1wvdgad88uabj/audio_c.mp3
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Duration seconds: 1005

## Resource

QUALCOMM Incorporated (QCOM) Q3 FY2026 — Qualcomm (QCOM) reported fiscal Q3 2026 (quarter ended June 28, 2026) after the close on July 29: revenue $9,947M, down 4% YoY but at the high end of its own guide; GAAP EPS $1.87 (-23%) and non-GAAP EPS $2.21 (-20%), a penny or two under the ~$2.23 consensus. The line that matters is below the revenue: GAAP operating income fell 41% to $1,626M, operating margin went from 26.6% to 16.3%, and gross margin slipped from 55.6% to 53.1% — because revenue fell 4% while R&D rose 17% and SG&A rose 27%. QCT did $8,504M (-5%) at a 26% EBT margin (was 30%); QTL licensing did $1,278M (-3%) at a 69% EBT margin. Inside QCT: handsets $5,086M (-20%), automotive $1,588M (+61%, a 23rd straight double-digit quarter), IoT $1,830M (+9%). On the call the CFO said Qualcomm's share of the next iPhone will be 'materially less' than the 20% previously guided and that Apple product revenue falls roughly 50% sequentially from the September to the December quarter, with FY27 Apple revenue below the ~$2B previously indicated. Q4 FY26 guide: revenue $9.7-10.5B, QCT $8.4-9.0B, QTL $1.2-1.4B, GAAP EPS $1.22-1.42, non-GAAP EPS $2.05-2.25 — with $0.72 of that gap being stock compensation. The stock closed at $155.68 on July 29 (already -4.4% that session) and traded around $146.21 in the July 30 pre-market. Qualcomm (QCOM) is a two-headed business that most people value as one: QCT, which designs and sells Snapdragon chips into phones, cars, IoT and now data centre, and QTL, which licenses the patent portfolio at a 69% pre-tax margin. In fiscal Q3 2026 (quarter ended June 28, 2026) the company did $9,947M of revenue, down 4%, with non-GAAP EPS of $2.21 and GAAP EPS of $1.87 — but GAAP operating income fell 41% and gross margin dropped from 55.6% to 53.1%.…

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