Qualcomm is expected to report fiscal third-quarter revenue of $9.68 billion and earnings of $1.54 per share, with the stock currently trading at $170.95 compared to a consensus price target of $221.23. The primary focus for investors is the potential "bottoming" of the handset market in China, as management previously indicated that smartphone inventory corrections should reach a trough this period.
Supporting this recovery narrative is the company's high-growth automotive segment, which is projected to surge 51.4% year-over-year. Analysts are also evaluating Qualcomm's progress in its long-term pivot toward AI-enabled PCs and data center infrastructure as it diversifies away from its traditional mobile-centric business model.