Qualcomm Q3 revenue $9.9B, EPS down 23% YoY; acquires Modular Inc for AI

QUALCOMM INC/DE

Revenue $9.9B, down 4% YoY; GAAP EPS $1.87 (down 23%), Non-GAAP EPS $2.21 (down 20%).
QCT Automotive and IoT revenues grew 28% YoY; Automotive marks 23rd consecutive quarter of double-digit YoY growth.
Completed acquisition of Modular Inc to create open software foundation for generative and agentic AI.
CEO expects non-handset revenues to grow to $40B by fiscal 2029, with acceleration from 24% to >60% growth in FY2027.

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