Qualcomm reported a 25% drop in net income, with elevated memory chip prices squeezing margins across its device business. The company also signaled that revenue from Apple is set to decline at a faster pace going forward. Management issued a below-consensus profit forecast for the coming quarter, extending the disappointment beyond just the reported period.
Qualcomm is one of the largest mobile chip suppliers, so a margin squeeze from memory costs signals broader pressure on semiconductor companies that sell into consumer devices. The accelerating Apple revenue loss removes a high-volume anchor from Qualcomm's top line, making the recovery path harder to map. Investors in chip stocks and tech-heavy ETFs should expect near-term multiple compression on this name.
Qualcomm next earnings call (fiscal Q3): approximately late July 2025. Micron Technology earnings report: late June 2025. Apple WWDC (developer conference indicating chip roadmap signals): June 9, 2025.
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