QUALCOMM (QCOM) Q3 2026 (USD): Adj. EPS 2.21 (exp. 2.23), Revenue 9.95bln (exp. 9.68bln). Q4 adj. EPS view 2.05-2.25 (exp. 2.36)

Expects acceleration in step-down of Apple product revenues starting in Q4. Expects Y/Y growth in non-handset revenue in FY27 to replace total Apple product revenues in FY26. Expects October Android handset revenue to decline by around 20% in FY26, reducing annual EPS by more than USD 1.50. Estimates handset revenue from China OEMs bottomed in Q3, with a return to double-digit sequential growth in Q4. In the near term, sees growth in non-handset revenue, including data centre, accelerating from 24% in FY2026 to more than 60% in FY2027. Unprecedented increases in memory pricing and supply constraints created cyclical headwinds for the global smartphone industry in FY26.