What was Qualcomm's guidance for Q3 2026?

Qualcomm guided revenue between $9.8B and $10.0B and adjusted EPS between $2.00 and $2.10, both below consensus.

Why did investors ignore Qualcomm's weak guidance?

They are focusing on the growth potential in data centers, which is seen as a long-term driver for QCOM stock.

How did Qualcomm perform in Q2 2026?

Qualcomm reported revenue of $10.2B and EPS of $2.15, slightly above expectations.

What new growth area is Qualcomm focusing on?

Qualcomm is focusing on the data center segment as a strategic growth opportunity to reduce reliance on smartphones.

Qualcomm Misses Guidance, But Investors Bet on Data Center Growth

Qualcomm reported fiscal Q2 2026 earnings that met expectations, but its Q3 guidance fell short. Investors ignored the miss, betting on the company's growing data center business to lift QCOM stock.

Qualcomm (QCOM) reported its fiscal second-quarter 2026 earnings, which largely met analyst estimates, but its guidance for the next quarter disappointed. Despite this, investors shrugged off the miss, focusing instead on the company's expanding data center opportunity.

Key Financial Results

Metric	Q2 2026	Consensus	Difference
Revenue	$10.2B	$10.1B	Slight beat
EPS	$2.15	$2.10	Slight beat

No year-over-year comparison was provided.

Key Takeaways from the Release

Qualcomm emphasized its growing opportunity in data, signaling that data centers are becoming a strategic priority. This comes as the company seeks to diversify beyond its traditional smartphone business.

Guidance

For fiscal Q3 2026, Qualcomm guided revenue between $9.8B and $10.0B, below the consensus of $10.3B. Adjusted EPS is expected between $2.00 and $2.10, versus estimates of $2.20.

Stock Impact

Despite the weak guidance, QCOM shares rose 1.5% in after-hours trading, indicating that investors are looking past near-term headwinds and focusing on long-term data center potential.

What This Means for Investors

Qualcomm's results show pressure in its core business but momentum in new growth areas. Investors should monitor data center progress closely, as it could be a key driver for QCOM's future growth.