Zacks Investment Research
17 Sept 2026, 16:41 UTC · 1h ago
Verdict
Headline takes no side. We score QCOM −0.80 across five claims — strongly bearish.
−0.80strongly bearish
More negative than 88% of ticker scores this week
What the story claims
5 claims · scored −1 bearish … +1 bullish · 5 new · 0 priced in
Qualcomm expects its Apple product revenue to decline approximately 50% sequentially from September to December 2026.
Newreported September 17, 2026
So whatThis forecast suggests a significant top-line hit for the holiday quarter, likely forcing a downward revision of FY2027 revenue estimates.
More negative than 98% of claims this week
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Scored by the NIS engine · methodology.
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QCT EBT margins declined to 26% in fiscal Q3 2026 from 30% a year earlier, with a further projected drop to 23-25% in fiscal Q4.
Newreported September 17, 2026
So whatThe projected 400bps peak-to-trough margin compression through Q4 will directly compress EPS and likely lower the forward P/E multiple.
More negative than 92% of claims this week
Qualcomm expects its modem share in upcoming iPhone launches to be materially below its previous 20% assumption.
Newreported September 17, 2026
So whatLoss of share to internal Apple silicon accelerates the long-term revenue decay of the high-margin modem business.
More negative than 86% of claims this week
QCT handset revenues fell 20% year over year to $5.09 billion in the fiscal third quarter.
Newreported September 17, 2026
More negative than 81% of claims this week
Fixed-price customer contracts will delay the margin gains from Qualcomm's current price hikes for several quarters.
Newreported September 17, 2026
So whatThis creates a lag in recovery, meaning the bottom of the margin trough likely extends into early 2027.
More negative than 73% of claims this week
Which stocks this story touches
More negative than 88% of ticker scores this week
Facing near-term margin pressure, rising input costs, weaker smartphone demand, and declining revenue from Apple.
More negative than 71% of ticker scores this week
Mentioned in the context of reducing its reliance on Qualcomm's modems, though the sentiment is primarily about Qualcomm's loss.
More positive than 77% of relationship scores this week
[a_to_b] Qualcomm provides modem chips for Apple iPhones.
More positive than 57% of relationship scores this week
[mutual] Qualcomm faces competition from Advanced Micro Devices in the semiconductor space.
More positive than 57% of relationship scores this week
[mutual] Qualcomm faces competition from Intel in the semiconductor space.
More positive than 35% of relationship scores this week
[mutual] Both are cited as competitors to Qualcomm within the same semiconductor space.
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4h ago
+2.4%
Price is moving against the score
$189.35 vs $184.84 close before publication (Sep 16) · not market-adjusted
QCOM chart →
