Qualcomm’s Record $12.3B Quarter Overshadowed by a Global “RAMpocalypse” Threatening 2026 Growth

Qualcomm reported a record quarterly revenue of $12.3 billion for the first quarter of fiscal 2026, driven by strong demand in the automotive and premium smartphone sectors, though guidance for the next quarter was more cautious due to a global memory shortfall. According to Reuters, the company said revenue is expected to be between $10.2 billion and $11.0 billion, with adjusted earnings per share of $2.45 to $2.65, short of the $2.89 consensus.

The QCT semiconductor division again saw automotive electronics revenue surpass the $1 billion mark for the second consecutive quarter. Qualcomm also completed the acquisition of Alphawave Semi, a move the firm says will accelerate its data centre infrastructure market penetration.

The executive team cited a memory chip shortage as the principal obstacle to meeting targets, noting OEMs in China are trimming inventory amid constrained memory supply, and analysts anticipate the memory downturn to weigh on the industry for several quarters, even as automotive and high-value handset segments remain robust.