Qualcomm Q4: This Dip Is Not The One To Buy Yet

Qualcomm Incorporated reported a mixed Q4 2026: revenue beat at $10.44B, but profitability and guidance disappointed, driving a >10% pre-market drop. Handset revenues and margins declined sharply, while automotive and IoT segments posted strong growth; data center business is ramping but dilutive to margins. QCOM's guidance signals continued margin pressure as new revenue streams carry lower profitability, with handset weakness and customer concentration risks persisting.