On November 5, Qualcomm reported financial results for the fourth quarter of fiscal 2026. Revenue came in at $10.32 billion, with adjusted earnings per share of $2.17, modestly beating market expectations of $10.11 billion and $2.16. For the current quarter, the company forecasts revenue of $10.4 billion to $11.2 billion, compared with the $10.48 billion analysts expect, and adjusted earnings per share of $2.15 to $2.35—the midpoint of which falls below the consensus estimate of $2.32. Pressured by the memory chip shortage and rising component and manufacturing costs, smartphone makers scaled back production, dragging Qualcomm's handset chip revenue down 26% year over year to $5.14 billion and pulling total revenue down 8% year over year. CEO Amon said the data center business is not lacking demand but is supply-constrained, and he expects data center revenue to reach $5 billion in fiscal 2027. Elsewhere, automotive revenue jumped 89% year over year to roughly $2 billion, while IoT revenue rose 4% to about $1.89 billion—both topping expectations. Following the earnings release, Qualcomm shares fell more than 5% in after-hours trading.