Qualcomm FY Q2 2026 earnings highlight a mobile industry under pressure from the memory shortage

Qualcomm reported fiscal Q2 2026 revenue of $10.6 billion, down 3% year over year, with its core QCT mobile segment falling 13%.

The company said a memory shortage is squeezing OEM inventory and cutting China Android shipments, weakening smartphone demand.

Qualcomm guided fiscal Q3 revenue to $9.2 billion-$10.0 billion, below Wall Street expectations, and said mobile pressure will continue near term.

Automotive and IoT remained growth areas, but the results highlight how memory supply constraints are hurting handset shipments and raising phone prices.