Qualcomm reported its fiscal Q2 results for the period ending March 29, 2026, meeting internal guidance despite a strained memory market. CEO Cristiano Amon said the company is navigating “profound industry transformation” as AI agents reshape chip roadmaps across smartphones, automotive and emerging data‑center workloads. A custom silicon deal with a leading hyperscaler is slated for first shipments later this year, to diversify revenue beyond handsets globally.

During the quarter Qualcomm returned $3.7 billion to shareholders, split between $945 million in cash dividends and $2.8 billion spent buying back 19 million shares. The company also recorded a $5.7 billion income‑tax benefit, reflecting the release of a valuation allowance after the Treasury clarified corporate AMT rules. The tax credit was excluded from non‑GAAP metrics but boosted GAAP earnings, strengthening its balance sheet for future investments.

Qualcomm’s guidance for Q3 anticipates headwinds from memory‑supply constraints that could pressure handset pricing, especially among Chinese OEMs. However, the firm expects Chinese handset revenue to hit a trough this quarter and resume growth in the following period. Amon will outline further data‑center and Physical AI initiatives at the Investor Day scheduled for June 24.