Qualcomm's 36% Automotive and IoT Growth Steals the Spotlight From Handsets
As seen on the 24/7 Wall St. homepage on November 4, 2026.
We are pleased to deliver fourth quarter non-GAAP revenues at the high end of our guidance, along with 36% year-over-year growth in combined QCT Automotive and IoT revenues.
Amon is pointing investors away from handsets, where global smartphone shipments keep sliding, toward automotive and IoT as the growth engine behind a fiscal fourth quarter at the top of guidance. Watch whether that mix shift holds as Qualcomm's Apple modem revenue fades.
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Qualcomm CEO Cristiano Amon used the fiscal fourth quarter earnings report to draw a clear line for investors: the company's future growth story runs through automotive and IoT rather than smartphones. Combined QCT Automotive and IoT revenues posted 36% year-over-year growth, the single headline figure Amon chose to anchor his remarks.
That emphasis matters because global smartphone shipments have continued to slide, leaving Qualcomm's traditional handset business exposed to volume pressure. By spotlighting a combined segment growing at 36%, Amon is signaling that the company has found an alternative engine capable of absorbing that pressure and then some.
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Non-GAAP revenues for the quarter came in at the high end of guidance, which gives the diversification story added credibility. Beating the midpoint of a range is routine; landing at the top end suggests the automotive and IoT contribution is already large enough to move the needle on total results.
The key variable to track from here is what happens to revenue mix as Qualcomm's Apple modem business fades. If automotive and IoT can expand their share of the top line fast enough to offset that headwind, the growth narrative Amon is building holds. If not, the 36% growth rate in those segments will need to accelerate further to keep total revenue on an upward path. Shares edged down 0.46% since the quote, suggesting the market is reserving judgment on exactly that question.
Sources
Mentioned: QCOM