Why Qualcomm shares jumped after CEO Cristiano Amon's comments
On the financial front, the chip designer delivered an adjusted earnings per share of $2.65, while revenue aligned with estimates at $10.6 billion.
- Apr 30, 2026,
- Updated Apr 30, 2026 11:41 AM IST
Qualcomm share price: Qualcomm shares witnessed a turnaround, erasing initial post-market losses to surge after the bell on Wednesday. Meanwhile, in overnight trade, Qualcomm stock settled 4% higher at $156 per share.
According to a CNBC report, the stock initially tanked by as much as 7% after the chipmaker's third-quarter forward guidance missed Wall Street estimates. However, market sentiment flipped completely during the earnings call.
CEO Cristiano Amon revealed that the company is on track to begin shipping data center chips to “a large hyperscaler” within the calendar year, CNBC reported. The company's earnings press release highlighted this pivot, with Amon said, “We are in a period of profound industry transformation - the rise of Al agents is reshaping our roadmap across every platform we develop.”
Further fueling the AI narrative, CNBC noted that Qualcomm recently partnered with OpenAI to develop an AI chip for a future device. Amon told CNBC that design engagement in this segment is highly active, adding, “You should expect that we’re working not only with them, but most of the AI companies today”.
On the financial front, the chip designer delivered an adjusted earnings per share of $2.65, while revenue aligned with estimates at $10.6 billion. However, third-quarter revenue guidance of $9.2 billion to $10 billion fell short of the $10.19 billion projected by StreetAccount analysts, as CNBC reported.
Qualcomm's automotive segment clocked a record 38% year-over-year growth. Addressing the crucial Chinese smartphone market, Amon told CNBC that the current quarter will mark the bottom because “customers are running out of inventory”.
Qualcomm share price: Qualcomm shares witnessed a turnaround, erasing initial post-market losses to surge after the bell on Wednesday. Meanwhile, in overnight trade, Qualcomm stock settled 4% higher at $156 per share.
According to a CNBC report, the stock initially tanked by as much as 7% after the chipmaker's third-quarter forward guidance missed Wall Street estimates. However, market sentiment flipped completely during the earnings call.
CEO Cristiano Amon revealed that the company is on track to begin shipping data center chips to “a large hyperscaler” within the calendar year, CNBC reported. The company's earnings press release highlighted this pivot, with Amon said, “We are in a period of profound industry transformation - the rise of Al agents is reshaping our roadmap across every platform we develop.”
Further fueling the AI narrative, CNBC noted that Qualcomm recently partnered with OpenAI to develop an AI chip for a future device. Amon told CNBC that design engagement in this segment is highly active, adding, “You should expect that we’re working not only with them, but most of the AI companies today”.
On the financial front, the chip designer delivered an adjusted earnings per share of $2.65, while revenue aligned with estimates at $10.6 billion. However, third-quarter revenue guidance of $9.2 billion to $10 billion fell short of the $10.19 billion projected by StreetAccount analysts, as CNBC reported.
Qualcomm's automotive segment clocked a record 38% year-over-year growth. Addressing the crucial Chinese smartphone market, Amon told CNBC that the current quarter will mark the bottom because “customers are running out of inventory”.