高通（QCOM）：智能手机是否会成为下一个PC？2026财年第四季度业绩前瞻

We model Sept-Q (FQ426) at $10.1B/$2.15, inline(ish) with Visible Alpha consensus ($10.1B/$2.17) and guidance. However, we had already thought forward numbers looked somewhat high, and today lower our estimates further given increasingly weak smartphone datapoints. We now model Dec-Q (FQ127) at $10.2B/$2.21 vs $10.6B/$2.34 prior, below VA consensus (Street at $10.6B/$2.32). For the full-year FY27 we now model $42.9B/$8.77 vs $44.9B/$9.57 prior, below VA consensus (Street at $45.1B/$10.02), with our AAPL revenues falling by ~$6B YoY (unchanged) and with Android revenues now down HSD (vs flattish prior) given current market trends, offset by $5B in datacenter growth (unchanged). Qualcomm has been doing everything they can to be viewed as something other than a smartphone company. And to their credit, the diversification story is working as auto and IoT grow, and now datacenter enters the mix. That being said, handsets still unfortunately form the bulk of the company's chipset sales, and