Qualcomm Stock Drops 4% After Q3 Earnings Miss, AI Deal

Qualcomm shares slid about 3.7% on Thursday, July 30, down roughly 4% overall, after fiscal Q3 results beat revenue but missed profit and raised concerns about margins and guidance. The chipmaker also announced the same day that it closed a $3.9 billion acquisition of AI software company Modular and appointed co-founder Chris Lattner to lead Qualcomm’s AI software strategy. In Q3, Qualcomm posted $9.9 billion in revenue, above the $9.68 billion Wall Street estimate, but adjusted earnings of $2.21 per share came in slightly below consensus. It guided Q4 earnings to $2.05–$2.25 and said rising memory and component costs are pressuring results, alongside a plan to raise prices starting September 1.