Live 6 updates · Last at 3:45pm ET Updates appear automatically.

Live: Will Qualcomm Smash Q4 Earnings Tonight After the Market Closes?

By Thomas Richmond · Updated Nov 4, 3:45pm ET · Published Nov 4, 2:59pm ET

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Live Updates

Newest first

What Qualcomm's Technical Setup Reveals Ahead of Q4 Earnings

QCOM Qualcomm
Technical setup
Support & resistance · chart through Wed, Nov 4
  • R2$179.72+8.7%
  • R1$167.92+1.6%
  • Now$165.34
  • S1$156.48-5.4%
  • S2$142.89-13.6%
50-day avg
$178.06-7.1% below
200-day avg
$169.60-2.5% below
52-week range
$121.99 – $259.92

At $165.34, Qualcomm goes into tonight's earnings report pinned between resistance at $167.92 and support at $156.48, with both the 200-day ($169.60) and 50-day ($178.06) averages sitting overhead. Clearing $167.92 is the first real test of the margin question; losing $156.48 opens the gap down to $142.89.

Polymarket: 80% Odds Qualcomm Beats Earnings Tonight

QCOM Qualcomm
Prediction markets
Will Qualcomm (QCOM) beat quarterly earnings?
80%Yes
Polymarket · $2k traded · resolves Wed, Nov 4

Prediction market traders assign a 4-in-5 chance that Qualcomm clears the non-GAAP EPS bar tonight, a confident lean given the defensive options positioning seen at 3:20pm ET. The crowd is small, though, so treat it as sentiment on the margin question alone.

Qualcomm Options Price In a Wild Earnings Reaction. Here's What Traders Expect

QCOM Qualcomm
Options positioning
Put/call 0.92Balanced
CallsPuts
ATM implied vol
122.5%
Expiry
Fri, Nov 6chain as of Tue, Nov 3

At 122.5% ATM implied volatility on the Nov 6 expiration, options are pricing an outsized reaction to tonight's earnings report. A 0.92 put/call ratio with put open interest stacked at the 160 and 165 strikes reads as defensive positioning into the margin question, though crowded downside hedges just as often mark the point where a relief move gets its fuel, while the 170 strike holds the only meaningful call wall and caps an upside reaction.

Open interest near the money · puts / calls
  • $157.5
    440 / 138
  • $160
    1.5k / 71
  • $162.5
    413 / 189
  • $165
    1.1k / 216
  • $167.5
    273 / 144
  • $170
    707 / 2.5k

Qualcomm: Key Takeaways From Last Quarter

QCOM Qualcomm
Last quarter — Q3 2026
EPS
$2.21vs $2.22 est -0.5%
Revenue
$9.95Bvs $9.67B est +2.8%

Q3 showed the top line outrunning the bottom line: revenue beat expectations while EPS came in essentially in line with estimates, the shape you get when demand holds but costs bite. That makes margins the number that decides tonight, especially with memory prices squeezing phone makers and the Apple modem transition still draining a chunk of the chip business.

next print Wed, Nov 4

Analysts' Top Questions for Qualcomm Ahead of Q4 Earnings

QCOM Qualcomm
Call preview · Q4 2026
Wed, Nov 4 Earnings call · after close

Three threads have come up on all four of the last calls, but memory costs and pricing actions is the one that decides tonight's move, since it feeds straight into the margin pressure behind the 28.1% EPS decline analysts expect. Apple modem displacement is back on the list after resurfacing in three of the last four quarters, and any update on that timeline matters more than usual with the stock down 8.82% in a week.

Analyst hot topics · last 4 calls
Q4 25Q1 26Q2 26Q3 26
  • Data center & ASIC expansion
  • China handset demand & recovery
  • Memory costs & pricing actions
  • Apple modem displacement
  • Automotive & ADAS ramp
  • Samsung share & premium mix

Qualcomm Sinks 9% in a Week Ahead of Q4 Earnings. Can Shares Rebound Tonight?

Qualcomm heads into tonight’s earnings report under pressure, with shares falling 8.82% over the past week as Wall Street questions whether its AI diversification strategy can offset weakness in its core handset business.

Analysts expect EPS of $2.16, representing a 28.1% year-over-year decline, as rising memory costs pressure handset demand and margins. Fiscal 2027 EPS estimates have also fallen from $10.99 to $10.19.

Qualcomm has announced two hyperscaler custom silicon deals expected to begin generating revenue in December. Investors will be watching closely for details on these partnerships and whether management can reaffirm its ambitious $40 billion fiscal 2029 non-handset revenue target.

Wall Street remains cautious, with 23 Hold ratings versus just 11 Buys and an average price target of $197.03.

What to Watch Tonight:

  • Earnings: Can Qualcomm beat the $2.16 EPS consensus despite margin pressure?
  • AI Data Centers: Will management provide concrete details on its hyperscaler revenue ramp?
  • Margins: Are rising memory costs continuing to squeeze profitability?
  • 2029 Target: Can Qualcomm reaffirm its $40 billion non-handset revenue ambition?

This article is updated throughout the trading day. Check back for more.

Full Coverage

The story so far

Qualcomm (NASDAQ:QCOM | QCOM Price Prediction) is expected to report fiscal Q4 after the market closes today, November 4. The stock enters into earnings trading around $164.82, and this report is the last checkpoint before Apple (NASDAQ:AAPL) revenue steps down and data center sales begin.

Memory Squeeze Meets a Diversification Pivot

Last quarter, Qualcomm’s revenue of $9.95B exceeded the $9.67B consensus, but EPS of $2.21 missed by 0.49%, ending a six-quarter beat run. Handset revenue fell 20% YoY to $5.086B, while automotive rose 61% to $1.588B, its 23rd straight quarter of double-digit growth.

Chief executive Cristiano Amon blamed “unprecedented memory prices, higher manufacturing and input costs as well as supply chain shortages driven by overall data center demand.” Shares rallied 12.45% in the 30 days after that report. The stock is down 9.17% over the past month and 0.28% year to date.

Qualcomm’s Consensus Estimates Point to a Trough Quarter

Metric Q4 FY2026 Estimate YoY Change FY2026 Estimate FY2027 Estimate
Revenue $10.14B -10.0% $42.87B $44.86B
EPS (Normalized) $2.1561 -28.1% $10.5247 $10.1864

Analysts have cut the quarterly EPS estimate from $2.3712 90 days ago. FY2027 EPS sits below FY2026 even as revenue grows, so the Street is modeling margin pressure and the Apple loss ahead of any data center return.

What to Watch Tonight: Pricing Power, China and Data Center Orders

Here are some of the key factors to watch in Qualcomm’s earnings tonight:

  1. Gross margins. Management called its price increases “essentially a pass-through of the input cost and wafer price increases.” The focus will be on whether those double-digit hikes have started raising QCT margins back toward the historical range.
  2. China rebound. CFO Akash Palkhiwala forecast a “double-digit sequential increase in the September quarter with high confidence.” Investors will see whether that gets delivered tonight.
  3. Apple step-down. Qualcomm forecasted about a 50% decline in Apple revenue from the September to the December quarter. Analysts are going to watch for how much Android growth offsets it.
  4. Data center. Both hyperscaler projects have purchase orders and are already in wafer production. Any update on the $5 billion fiscal 2027 data center target will matter.
  5. Automotive. Qualcomm raised its exit-rate outlook to about $7 billion annualized. Analysts will be looking for confirmation that the fifth-generation digital chassis ramp and the BMW deal are on schedule.
QCOM analyst ratings

Qualcomm Earnings History

Quarter EPS Surprise 1-Day Move 7-Day Move 30-Day Move
Q3 FY2026 -0.49% -2.63% +5.8% +12.45%
Q2 FY2026 +3.67% -1.43% +12.79% +34.11%
Q1 FY2026 +2.87% +0.76% +1.59% -0.81%
Q4 FY2025 +4.4% -1.33% +0.75% +1.62%

On average, seven days after earnings over the past year, shares moved 5.2%.

QCOM earnings explorer

Contact [email protected] for any questions or corrections.

Thomas Richmond

Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 500 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.

Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.

Outside of work, Thomas enjoys weight lifting and soccer.

All articles →