On Qualcomm’s November 4, 2026, earnings call, CFO Akash Palkhiwala said the company did not expect its December quarter to be its highest-revenue quarter in fiscal 2027 as revenue from Apple products ramps down. Qualcomm’s fiscal Q1 2027 outlook, which covers the December quarter, calls for $10.4 billion to $11.2 billion in revenue and $2.15 to $2.35 in non-GAAP diluted earnings per share.
Qualcomm’s outlook spans two periods: quarterly guidance for the December quarter and fiscal-year projections for non-handset growth and Data Center revenue.
Why Qualcomm expects a different December pattern
Palkhiwala attributed the expected shift in Qualcomm’s seasonal pattern to the ramp-down in Apple product revenue. He described a forecast, not a reported result. Qualcomm separately projected that fiscal 2027 non-handset QCT revenue would grow by more than 60% year over year, and reiterated a $5 billion Data Center revenue target for the fiscal year.
Those figures frame the company’s plan to offset handset-related pressure with growth in other businesses. They remain projections; the quarterly guidance gives a nearer-term view of the December period.
Qualcomm’s fiscal Q1 2027 guidance
Qualcomm’s guidance covers total revenue and two distinct diluted-EPS measures. GAAP is the standard accounting measure; the company describes non-GAAP figures as supplemental, not a substitute for or superior to GAAP. Its segment ranges are listed separately from the total-company ranges, and QCT’s range includes Data Center.
| Measure | Fiscal Q1 2027 guidance | Scope |
| Total revenue | $10.4 billion–$11.2 billion | Company total |
| GAAP diluted EPS | $1.03–$1.23 | Per share |
| Non-GAAP diluted EPS | $2.15–$2.35 | Per share; supplemental measure |
| QCT revenue | $9.0 billion–$9.6 billion | Includes Data Center |
| QTL revenue | $1.3 billion–$1.5 billion | Licensing segment |
Q4 results show contrasting segment trends
Qualcomm’s fiscal 2026 fourth quarter ended September 27. Handset revenue fell year over year, while automotive revenue rose sharply; IoT revenue also increased.
| Q4 FY2026 segment | Revenue | Year-over-year change |
| Handsets | $5.137 billion | Down 26% |
| Automotive | $1.990 billion | Up 89% |
| IoT | $1.888 billion | Up 4% |
The company reported Q4 revenue of $10.322 billion under GAAP and $10.442 billion on a non-GAAP basis. Non-GAAP diluted EPS was $2.17.
Input costs and pricing actions shape the margin outlook
Qualcomm cited higher costs for wafer fabrication, assembly, testing, advanced packaging, memory and other materials. The company expects the full benefit of its pricing actions to reach QCT gross margins in the second half of fiscal 2027. That timing is part of its outlook, not a reported margin recovery.
The opening market reaction
Bloomberg Television reported that Qualcomm shares fell 14% at the opening of the next trading session after the outlook. Its comparison with the stock’s worst day since 2020 was conditional on the decline lasting through the close.
