Qualcomm Incorporated (NASDAQ: QCOM) is set to publish its fourth-quarter fiscal 2025 results on November 5, 2025, after the market closes. The upcoming report will provide insight into how the company is navigating slow smartphone demand while expanding into automotive, IoT and data-centre markets.
Analyst Forecasts and Company Guidance
Analysts currently expect Qualcomm’s adjusted earnings per share (EPS) for the quarter to fall in the range of US $2.75 to US $2.95, with revenue expected between US $10.3 billion and US $11.1 billion. The company had previously guided to that same range, slightly below consensus estimates.
For context, in the prior quarter (Q3 2025) Qualcomm reported revenue of about US $10.37 billion, showing year-on-year growth. These expectations reflect moderate growth under current conditions rather than a dramatic acceleration.
Key Growth Drivers
One of the primary growth engines for Qualcomm has been its diversification beyond traditional handset chipsets. For example, the company’s automotive and IoT segments posted strong year-on-year gains in recent quarters.
According to coverage on TECHi, Qualcomm is targeting roughly US $22 billion in non-smartphone revenue by 2029. This strategy is seen as critical given that handset markets remain weak globally. The shift into automotive, data-centre inflections and IoT represents a long-term structural play. Interlinked articles on these evolving semiconductor dynamics provide context for how Qualcomm’s peers are adapting and competing.
Another driver to watch is Qualcomm’s licensing business, which historically generates steady cash flows from its wireless patents. That said, growth in this segment has become more challenging, particularly as major customers, including Apple Inc., move to in-house modem designs.
Risks and Market Headwinds
Despite the potential upsides, there are several risks for Qualcomm’s Q4 results. Ongoing softness in global smartphone demand could hamper growth in its core chipset business. Analysts have flagged this as a cautionary factor.
The licensing business may also face pressure due to client transitions and regulatory or competitive shifts. Furthermore, supply-chain issues, macroeconomic uncertainty and competitive intensity in sectors such as data-centre chips may limit upside.
Competitors in the semiconductor space are already feeling the pinch from slow PC demand and limited handset momentum. Qualcomm must therefore show that its newer growth segments can compensate for slower sectors.
What To Watch
When the earnings release comes out, several items will draw particular attention.
First, the breakdown of revenue by segment (handset, automotive, IoT, licensing) will provide insight into how well the diversification strategy is working.
Second, management’s guidance for the coming quarters will be scrutinised for tone and assumptions, particularly given current market conditions.
Third, margin trends and cost pressures will matter since expanding into new markets often carries higher upfront investment.
Finally, shareholder-return initiatives such as buybacks or dividends may flatter investor sentiment, especially if growth appears moderate. Analysts tracking Qualcomm’s stock highlight these points in their previews.
Conclusion
Qualcomm’s upcoming Q4 disclosure is more than a routine earnings update. It will be a test of whether the company’s push into sectors beyond handsets can deliver meaningful growth amid a challenging smartphone environment. The expected EPS and revenue ranges imply modest growth, with clear emphasis on how the diversification is playing out in real terms.
Investors and technology observers should focus less on headline numbers and more on the segmental detail and forward guidance. The results and comments that follow will shape perceptions of whether Qualcomm is successfully navigating a turning point in its business.
