Qualcomm's fiscal third-quarter handset revenue fell 20% to $5.09 billion, while automotive revenue rose 61% to $1.59 billion, and non-GAAP EPS of $2.21 narrowly missed the $2.22 estimate. Management raised its fiscal 2029 non-handset revenue target to $40 billion from $22 billion, including more than $15 billion in data center revenue. Operating income fell 41.13% year over year due to acquisition costs and data center investment, and Apple revenue is expected to drop about 50% from the September quarter to the December quarter. The stock trades at $176.86, and the average analyst target of $194.13 implies about 9.8% upside, though most of the 37 covering analysts rate it Hold. The article says the December quarter will show whether the AI push starts producing revenue.
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