Qualcomm Shares Down 38% From Year's High as Analyst Outlook Turns More Constructive
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Qualcomm shares are down ~38% from the year's high as fiscal Q3 revenue fell 4% YoY to $9.9B, with handset revenue down 20%. Offsetting near-term weakness, management reiterated a sharper pivot to non-handset growth, targeting >$40B by 2029 driven by autos/IoT (> $24B) and datacenter (> $15B), with $5B datacenter revenue expected in FY2027. Improving analyst sentiment may reduce negative positioning.
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Qualcomm's stock has fallen about 38% from its high earlier this year. In its fiscal third quarter, revenue slipped 4% year over year to $9.9 billion, with handset-related sales down 20%.
The company is doubling down on diversification. Management said it expects non-handset revenue to exceed $40 billion by 2029, nearly doubling its prior target. Automotive and Internet of Things revenue are projected to contribute more than $24 billion combined, while data center is expected to add over $15 billion. Management also guided to data center revenue reaching $5 billion in fiscal 2027.
Analyst sentiment has shown signs of improvement, adding to the case that the pullback may be creating a more attractive entry point.
