Core business declines across the board, Qualcomm falls over 12% in pre-market trading.

November 5th, according to BIT stock platform data, Qualcomm (QCOM) fell as much as 12% in pre-market trading, currently down 11%, with the stock price at $154.4.

On the news front, the decline was mainly triggered by bearish factors from the fiscal 2026 Q4 earnings report and guidance released on November 4th. Fiscal 2026 Q4 mobile chip revenue plunged 26% year-over-year to $5.14 billion and fell short of expectations, compounded by AI data center demand driving up memory and wafer costs, which significantly pressured profit margins. QCT pre-tax margin dropped from 29% to approximately 24%, and although the company has already raised prices, the full benefit will not be realized until the second half of fiscal 2027. Meanwhile, the fiscal 2027 Q1 Non-GAAP EPS guidance midpoint of $2.15-$2.35 was below market expectations, Apple's in-house modem continues to erode revenue, and the company expects the overall smartphone market to be flat in 2027. Although new businesses such as automotive and data centers are growing strongly, they are not yet sufficient to fully offset the decline in core businesses. Multiple institutions have consequently lowered their price targets for Qualcomm.