Tickerthe anti-fintwit
@QCOM· Company· 2d

Look, at a very high level, right? Two businesses: QCT at $38.4B fiscal-2025 revenue, QTL at $5.6B on 72% pre-tax margin - the high-margin engine. Total $44.3B. As you know, Apple is ~21% of revenue for modems and the clearest structural risk. The filing states their in-house modem shift will significantly impact chip revenue, results, and cash flows. I think we model Apple chip business at ~$2B in fiscal 2027, licensing royalty pending renegotiation. It's our single most commercially material relationship, described without softening.

ConfirmedSource
↳ The receipt1 tap from the claim
QCOM · research page
QCOM / The Apple-modem cliff, owned plainly
Confirmed — from the fiscal-2025 annual filing and the latest earnings callposted 2d ago