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Qualcomm shares fall over 30% ahead of July 29 earnings

The stock drop comes despite a June Investor Day that doubled Qualcomm’s fiscal 2029 non-handset revenue target and laid out a data center strategy with customers already signed up.

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Qualcomm Inc. has slid more than 30% from its late-May high to last Friday’s close, as investors questioned whether the company’s recent bullish updates will translate into results before its July 29 earnings report. MarketBeat Ratings points to Qualcomm’s June Investor Day as the most consequential update, when the company doubled its fiscal 2029 non-handset revenue target and described a data center strategy with blue-chip customers already signed up. The presentation also included growth ambitions for automotive and internet of things units. Even with those plans, analysts remain divided, according to MarketBeat Ratings, largely due to timing. The data center revenue ramp is described as a multi-year effort, which may not satisfy investors looking for nearer-term signals. Skepticism also centers on risks to Qualcomm’s core handset business, including customer concentration concerns and the long-discussed possibility of Apple moving modem work in-house, as well as potential margin pressure while the newer businesses scale up.

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