Qualcomm (QCOM) jumped 11.12% on Friday, closing at $148.85. The move came as investors positioned ahead of the company’s Q2 fiscal 2026 earnings report, due after market close on April 29.
The rally puts QCOM back in focus after a rough start to 2026. The stock is still down around 13% year-to-date, with a 1-year high of $205.95 and a 1-year low of $121.99.
For Q2, Qualcomm is guiding revenue of $10.2B to $11B. That’s roughly flat to down 7% compared to $10.98B in the same period last year. GAAP diluted EPS is projected at $1.69 to $1.89, down from $2.52 a year ago.
Options activity on Friday was notable. Around 120,444 call contracts were purchased — about 165% above the daily average — signalling strong bullish positioning heading into earnings week.
Part of Friday’s lift came from broader chip sector strength. According to the Semiconductor Industry Association, global chip sales hit $88.8B in February, up 61.8% from $54.9B a year earlier and up 7.6% from January 2026.
SIA President John Neuffer said sales into Asia-Pacific, the Americas, and China were all key drivers. He added that annual global sales are projected to hit roughly $1 trillion this year.
Qualcomm’s “AI at the edge” positioning has drawn renewed investor interest. The company has been highlighted as a potential beneficiary of AI-driven demand outside the traditional smartphone market.
That said, headwinds remain. Analysts have flagged weak smartphone demand, rising memory costs, and limited near-term catalysts for the handset business. Morgan Stanley has an underweight rating with a $132 price target. Sanford C. Bernstein sits at market perform with a $140 target.
On the bullish side, Piper Sandler holds an overweight rating with a $200 target, and Rosenblatt maintained a buy with a revised $190 target.
In March, Qualcomm’s board authorized a $20B share buyback — covering up to 14.5% of outstanding stock. The company also raised its quarterly dividend from $0.89 to $0.92, payable June 25 to holders of record on June 4. That puts the annualized dividend at $3.68, a 2.5% yield.
In Q1, Qualcomm posted EPS of $3.50, beating the $3.38 consensus estimate. Revenue came in at $12.25B, edging past the $12.16B estimate. Return on equity stood at 44.09%.
Institutional ownership sits at 74.35%. Concurrent Investment Advisors increased its stake by 66.2% in Q4, buying 35,166 additional shares to hold 88,257 total.
On the insider side, two EVPs sold a combined 6,533 shares in early February at prices between $137 and $137.65. Total insider sales over the past three months came to 9,118 shares worth roughly $1.23M.
The consensus analyst rating remains Hold, with an average price target of $158.25. Q2 EPS guidance has been set at $2.45–$2.65.
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