Qualcomm Inc (NASDAQ:QCOM) shares spiked on Thursday, after the company reported upbeat fiscal second-quarter (Q2) results.

Here are the key analyst insights:

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JPMorgan: Qualcomm delivered a modest earnings beat in the quarter. However, headwinds in the smartphone industry stem from expectations of "under-shipping relative to end customer demand," Chatterjee said.

Chinese OEMs (original equipment manufacturers) continue to consume inventory.

The analyst stated that, despite these headwinds in the smartphone industry, the positive takes from the print include:

  • Increased visibility into Handset QCT revenues, with management indicating that revenues from Chinese OEMs could bottom in the fiscal third quarter and return to sequential growth in the following quarter
  • Opportunities in the data center and broader AI segments

Qualcomm guided to fiscal 2026 revenues at $9.2-$10 billion. This implies a midpoint of $9.6 billion, lower than consensus of $10.3 billion, he further mentioned.

Rosenblatt Securities: Qualcomm reported in-line revenues of $10.59 billion, down 13.5% sequentially and 2.2% year-on-year, Cassidy said. The company's non-GAAP earnings of $2.65 per share declined 24% from the previous quarter but exceeded consensus estimates of $2.56 per share, he added.

While QTL revenue grew by 4.8% year-on-year to $1.38 billion, driven by a favorable mix, QCT revenue contracted by 4.2% to $9.08 billion, the analyst stated.

The midpoint of Qualcomm's fiscal third-quarter guidance for total revenue of $9.6 billion and non-GAAP earnings of $2.20 per share came in below consensus estimates of $10.19 billion and $2.42 per share, respectively, he said.

Apple Inc's (NASDAQ:AAPL) shift to an internal modem for the iPhone 18 could largely offset any recovery from Chinese Android OEMs in the fourth quarter, Cassidy said.

QCOM Price Action: Shares of Qualcomm had risen by 17.13% to $182.72 at the time of publication on Thursday.

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