Qualcomm rises after CEO expects smartphone market rebound

Qualcomm

30/04/2026 10:45

** Shares of chipmaker Qualcomm QCOM.O up 11.2% at $173.40 premarket

** Co forecast Q3 results below expectations, but CEO Cristiano Amon's upbeat comments on a smartphone market rebound and data center opportunities lift sentiment

** Co sees revenue of between $9.2 billion and $10 billion for the current quarter, a range entirely below estimates of $10.27 billion - data compiled by LSEG

** Amon told Reuters the smartphone market should begin to rebound after its fiscal third quarter and he can "now call the bottom" for the smartphone market

** Co also pushing into booming data center chip market, working on CPUs, inference accelerators, and custom chips called ASICs to diversify its business

** 12 out of 41 analysts rate stock "buy" or higher, 25 rate it "hold", four "sell"; median PT at $160 - data compiled by LSEG

** As of last close, QCOM stock down 8.8% YTD

 (Reporting by Tharuniyaa Lakshmi in Bengaluru)

 ((tharuniyaa@thomsonreuters.com))