Qualcomm has a phone problem, and a price hike won’t fix it

Qualcomm's Q4 FY26 results show its smartphone chip business in sharp decline, with handset revenue falling 26% to $5.14 billion and missing StreetAccount estimates. Adjusted earnings dropped 28%, chip margins shrank to 24%, and the company is now raising Snapdragon chip prices across its products. A weak forecast and a flat smartphone outlook for 2027 sent Qualcomm shares down as much as 7% in after-hours trading.