Qualcomm’s Q2 sales dipped 4% year-over-year to $9.95 billion, but next quarter’s guidance surprised positively at $10.1 billion. Profit per share matched forecasts, while automotive cash flow hit record highs and industrial tech grew steadily. Despite smartphone market headwinds and rising costs, Qualcomm is aggressively expanding into data centers—with custom chip production underway for major clients—and boosting AI software via acquisitions like Modular. Strategic auto partnerships with BMW and Stellantis signal a big bet on the future. To offset costs, they’re raising prices across the board, though profitability gains are expected to be gradual. By 2027, data centers aim to contribute over half of chip business revenue, showing Qualcomm’s pivot away from phones toward high-growth sectors.
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