QUALCOMM Stock Plummets After Disappointing Earnings Report

QUALCOMM Incorporated's stock price plummeted to $155.68 on July 29 after a disappointing earnings report revealed a 20% drop in handset revenue.

The decline triggered aggressive selling, pushing the shares below all major moving averages and into technically oversold territory.

The company's Q3 FY2026 earnings shock was driven by rising memory costs squeezing margins and a significant decrease in Apple-related revenue.

However, Qualcomm also highlighted positive growth areas, including a 61% year-over-year increase in automotive revenue and a new data center revenue stream.

The bearish scenario suggests that if the company fails to hold $152.27 on the daily chart, it could open up space towards $150 and potentially lower.