San Diego, California-based QUALCOMM Incorporated (QCOM) is a fabless semiconductor company. With a market cap of $155.4 billion, QUALCOMM operates through Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI) segments.

The semiconductor giant is gearing up to release its Q2 earnings after the market closes on Wednesday, Apr. 30. Ahead of the event, analysts expect QCOM to report an EPS of $2.27, up 17.6% from $1.93 reported in the year-ago quarter. Moreover, the company has surpassed the Street’s bottom-line expectations in each of the past four quarters by notable margins.

For the full fiscal 2025, QCOM is expected to deliver an EPS of $9.54, marking a 12.8% increase from $8.46 reported in fiscal 2024. While in fiscal 2026, its earnings are expected to grow 5.5% year-over-year to $10.06 per share.

QCOM stock has declined 10% over the past 52 weeks, notably lagging behind the Technology Select Sector SPDR Fund’s (XLK) 3.7% uptick and the S&P 500 Index’s ($SPX) 8.2% gains during the same time frame.

QCOM stock prices dropped 3.7% in the trading session after the release of its mixed Q1 results on Feb. 5. The company’s overall revenues for the quarter increased 17.5% year-over-year to $11.7 billion, which surpassed the analysts’ projections by a notable margin. Meanwhile, the company experienced a solid improvement in margin, leading to a 23.5% year-over-year growth in adjusted net income to $3.8 billion.

However, the company’s topline growth was primarily driven by increased equipment and service revenues; its licensing revenues for the quarter grew by a modest 6.7% year-over-year to $1.7 billion, failing to meet Street expectations.

The consensus view on QCOM stock is cautiously optimistic, with a “Moderate Buy” rating overall. Of the 30 analysts covering the stock, opinions include 15 “Strong Buys,” 14 “Holds,” and one “Strong Sell.” Its mean price target of $195.56 suggests a 32.8% upside potential from current price levels.