Qualcomm (QCOM) Q2 Revenue and Profit Forecasts Miss Estimates Amid Memory Shortage

Qualcomm (QCOM) forecast second-quarter revenue and profit below Wall Street estimates on February 04, 2026, citing a global memory shortage hitting its mobile phone customers and OEMs reducing inventory. The company expects revenue of $10.2B–$11B, versus $11.12B average, and adjusted EPS of $2.45–$2.65/share, versus $2.89, according to LSEG data. In an interview, CEO Cristiano Amon said, “I’m very happy with the business—I just wish we had more memory.” Advanced smartphone chip shipments are expected to decline 7% in 2026, per Counterpoint Research, but top-tier demand and higher component usage per device are driving double-digit revenue growth for the sector. Qualcomm’s Q2 chip sales are forecast at a midpoint of $9.1B versus $9.60B estimates.