Qualcomm (QCOM): FQ426 recap - empty calories?

Qualcomm (QCOM): FQ426 recap - empty calories? QCOM FQ426 results were OK ($10.4B/$2.17 vs Street at $10.1B/$2.16) with a revenue beat but lower margins impacting EPS. QCT was above ($9.0B vs Street $8.8B), with an Auto and IoT beat, and Handset miss. But FQ127 guidance was mixed once again ($10.8B/$2.25 vs Street $10.55B/$2.31) with higher revenues offset by weaker margins as Datacenter enters the model. QCT at $9.3B is seen a bit above the Street ($9.0B), with handsets below, and IoT and auto above, and with $650M in Datacenter (full year maintained at $5B). However, EBT margins are once again coming in low (21%) and include ~3ppts of impact from Datacenter revenues, though would still have missed by ~1ppt without the impact, suggesting continued cost pressures. On the positive, the diversification story is clearly in play with the company seeing FY27 non-handset sales (Auto+IoT+DC) growing >60% YoY (probably implying Auto+IoT up more than 30% amid a $5B DC number) and with handsets