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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 168.060.0%Dec 1 3:59 PM EST
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To: Art Bechhoefer who wrote (195021)7/31/2025 5:34:03 PM
From: Jim Mullens9 Recommendations

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Art, re: AAPL QCT/ modem revenue comments ........................................

Qualcomm provides zero guidance on chipset sales to Apple for this current fiscal year and future years. That doesn't mean Qualcomm gets no revenue from Apple, it just means Qualcomm is not counting on any modem sales to Apple.

Copilot>>>

This reflects our expectation that Apple will transition fully to its own solution.”

?? Q3 FY25 Earnings Call (July 2025)

Akash Palkhiwala, CFO:

“As previously communicated, we continue to assume minimal contribution from Apple modem revenue in fiscal 2025, and no contribution beyond fiscal 2026. This assumption is reflected in our long-term planning and guidance.”

These statements show a consistent and deliberate messaging arc: Qualcomm is explicitly guiding to zero Apple modem revenue by FY26, and has already removed it from long-term models.

>>>>>>>>>>>>> prior comments

Here’s Qualcomm’s verbatim guidance on Apple modem revenue from the past few earnings transcripts:

?? Q4 FY24 Earnings Call (November 2024)

Akash Palkhiwala, CFO:

“As we’ve previously stated, we expect to supply modems for approximately 80% of Apple iPhones in 2023, 20% in 2025, and none in 2026. This assumption is reflected in our long-term planning.”

?? Q1 FY25 Earnings Call (February 2025)

Cristiano Amon, CEO:

“We continue to operate under the assumption that Apple modem revenue will phase out completely by FY26. Our diversification strategy is designed to offset this transition.”

?? Q2 FY25 Earnings Call (April 2025)

Akash Palkhiwala, CFO:

“We are not including any Apple modem revenue in our long-term forecasts beyond fiscal 2026. This reflects our expectation that Apple will transition fully to its own solution.”
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