Qualcomm forecast fiscal first-quarter revenue of $10.4 billion to $11.2 billion, above Wall Street expectations, yet shares fell more than 6% after hours. Smartphone chip revenue dropped 26% to $5.14 billion as global smartphone shipments fell about 20%, while automotive revenue hit a record above $2 billion, up 89%. The company reiterated a $5 billion data-center revenue target for fiscal 2027 and expects non-handset revenue to grow more than 60%. In the fiscal fourth quarter, non-GAAP revenue fell 7% to $10.44 billion and non-GAAP EPS fell 28% to $2.17. The article also points to Apple's shift toward its own modem technology as a growing headwind.
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