Atlas Research Note

Qualcomm FQ4 FY26: Data Center Revenue Starts as Handsets Shrink

Ben Bajarin · November 5, 2026

Creative Strategies earnings read | November 4, 2026 | Qualcomm fiscal fourth-quarter 2026 results and conference call, November 4, 2026 Qualcomm began shipping custom accelerators to two hyperscalers in October, held its $5 billion data center target for fiscal 2027 and guided more than $650 million in the December quarter, while handset revenue fell 26% from a year earlier on the Apple modem roll-off and memory costs that shrank the phone market. Operating view: Qualcomm is in the middle of moving its revenue away from phones, and this quarter showed both sides of that. Handset revenue fell 26% from a year earlier to $5.1 billion and is guided down again in the December quarter, which used to be Qualcomm's strongest quarter of the year.

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Notes

Qualcomm FQ4 FY26: Data Center Revenue Starts as Handsets Shrink

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