Qualcomm Climbs 8% as Buyback, Snap AR Partnership Power Pivot Beyond Smartphones

"Alongside its April 29 Q2 FY2026 report, Qualcomm announced a new $20 billion share repurchase authorization, after returning $3.7 billion to shareholders in the quarter, including $2.8 billion in repurchases and $945 million in dividends. The quarterly payout stands at $0.89 per share."

"Layered on top, Qualcomm unveiled a multi-year deal with Snap to supply Snapdragon XR chips for Snap's AR eyewear platform. That positions Qualcomm as the default silicon partner across major AR/VR programs, with the Meta Platforms' ( NASDAQ:META) Quest line already running on Snapdragon XR."

"Qualcomm's Q2 FY2026 revenue hit $10.6 billion with non-GAAP EPS of $2.65, beating consensus by 4%. Automotive revenue set a record at $1.33 billion, up 38% year over year (YoY), while IoT grew 9% to $1.73 billion."

"Qualcomm CEO Cristiano Amon also confirmed initial shipments to a hyperscaler are on track. "We are equally excited by our entry into the data center, where a leading hyperscaler custom silicon engagement is on track for initial shipments later this calendar year," Amon stated on the call."

Qualcomm shares rose sharply in midday trading, extending a strong re-rating run in the chip sector. The stock gained after a new $20 billion share repurchase authorization and continued shareholder returns, including quarterly repurchases and dividends. Qualcomm also announced a multi-year deal with Snap to supply Snapdragon XR chips for Snap’s AR eyewear platform, strengthening its position across major AR/VR programs. Financial results showed Q2 FY2026 revenue of $10.6 billion and non-GAAP EPS of $2.65, with automotive revenue reaching $1.33 billion and IoT revenue growing to $1.73 billion. Management confirmed initial shipments to a hyperscaler for custom silicon later in the year.

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