February 10, 2026

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Qualcomm stock dives as memory chip shortage weighs on outlook, Alphabet boosts AI spending

Qualcomm stock dives as memory chip shortage weighs on outlook, Alphabet boosts AI spending

The fourth quarter earnings season momentum continues this week, with results from Alphabet (GOOG, GOOGL), Amazon (AMZN), AMD (AMD), Qualcomm (QCOM), and Palantir (PLTR) highlighting the calendar.

As of Jan. 30, 33% of S&P 500 (^GSPC) companies have reported fourth quarter results, according to FactSet data, and Wall Street analysts estimate an 11.9% increase in earnings per share for the fourth quarter. If that rate holds, it would represent the 10th consecutive quarter of annual earnings growth for the index and the fifth consecutive quarter of double-digit growth.

S&P 500 earnings growth estimates. (Chart: FactSet)
S&P 500 earnings growth estimates. (Chart: FactSet)

Heading into the reporting period, analysts were expecting an 8.3% jump in earnings per share, down from the third quarter’s 13.6% earnings growth rate. Wall Street has raised its earnings expectations in recent months, especially for tech companies, which have driven earnings growth in recent quarters.

Big Tech results set the tone, as capital expenditures continue apace. Plus, the themes that drove the markets in 2025 — artificial intelligence, the Trump administration’s tariff and economic policies, and a K-shaped consumer economy — continue to provide plenty for investors to parse.

This week, investors will hear updates from companies including Disney (DIS), Chipotle (CMG), PepsiCo (PEP), Uber (UBER), and Snap (SNAP).

LIVE 120 updates

  • Qualcomm stock dives as memory chip shortage weighs on financial outlook

    Qualcomm (QCOM) stock fell around 8% in extended trading after the chip designer’s results beat on the top and bottom lines but its forecast was lighter than expected. A memory chip shortage stemming from data center developers scooping up chips and chipmakers shifting production to cater to AI demand added pressure to the company’s outlook.

    In the fiscal first quarter, the company said revenue increased 5% year over year to $12.3 billion, while earnings per share rose to $2.78. Qualcomm beat analyst estimates on the top and bottom lines, with consensus estimates forecasting $12.1 billion in revenue and earnings per share of $2.75, according to S&P Global Market Intelligence.

    However, the outlook for the fiscal second quarter dimmed as a supply crunch in memory chips weighs on margins and the smartphone market.

    Second quarter revenue is expected in the range of $10.2 billion to $11 billion (analysts were looking for $11 billion at the midpoint). Adjusted diluted earnings per share are expected to be in the range of $2.45 to $2.65 (the Street was hoping for $2.87).

    “While our near-term handsets outlook is impacted by industry-wide memory supply constraints, we are encouraged by end-consumer demand for premium and high tier smartphones, and remain on track to achieve our fiscal 2029 revenue goals,” Qualcomm CEO Cristiano Amon said in the earnings release.

  • Alphabet 2026 spending forecast soars past Wall Street expectations as Google parent goes all-in on AI

    Yahoo Finance’s Laura Bratton reports:

    Read the full earnings breakdown here.

  • Jake Conley

    The backlog just keeps growing,’ Eaton CEO says as data center orders tripled

    During the fourth quarter earnings call for power management giant Eaton Corporation (ETN), CEO Paulo Ruiz Sternadt said the company’s backlog of orders “just keeps growing” and projected a continued firehose of demand as the AI arms race powers on.

    Data center orders at Eaton roughly tripled in the fourth quarter over the prior year, while the backlog for its “Electrical Americas” division grew by 31% quarter-on-quarter to hit a new record, Sternadt said during the call on Tuesday.

    Eaton’s stock price spiked after the report and is up by more than 6% over the past five trading sessions and by more than 16% on the year.

    Eaton reported fourth quarter revenue at $7.05 billion, outperforming revenue of $6.24 billion from a year ago but falling below analysts’ expectations of $7.09 billion.

    On the bottom line, the company reported adjusted earnings per share of $3.33 per share, outperforming estimates of $3.32 per share.

    Talking about Eaton’s strong order backlog, Sternadt attributed much of the company’s success to the demand from AI hyperscalers.

    “You probably noticed on recent news from the hyperscalers that they reconfirmed their capex plans for 2026 — this is also great news that supports these projects,” Sternadt said. “Multi-tenant and new cloud players, they are so active, never seen them so active as they are today. If I’m to summarize the market picture here, lots of strength, and these projects will take years to complete. So that’s what gives us the optimism in the future.”

  • GE HealthCare stock rises on earnings beat and guidance raise

    GE HealthCare (GEHC) reported better-than-expected profits in the fourth quarter and issued a 2026 financial outlook ahead of Wall Street’s estimates, as the company expects stronger demand and fewer tariff-related cost impacts this year.

    The medical device maker’s adjusted profit per share forecast was between $4.95 and $5.15. Analysts were expecting guidance of $4.92 per share, according to data compiled by LSEG. For 2026, GE HealthCare also expects revenue growth in the range of 3% to 4% year over year.

    The stock popped 6% in morning trading on Wednesday.

    From Reuters:

    Read more here.

  • Novo Nordisk extends decline after company forecasts steep drop in sales

    Novo Nordisk stock extended losses on Wednesday after a downbeat sales forecast sent shares sharply lower on Tuesday.

    Bloomberg reports:

    Read more here.

  • Jenny McCall

    Enphase jumps after earnings top analysts estimates

    Enphase Energy (ENPH) stock soared 20% during premarket hours after the company’s profit and revenue beat analysts’ estimates. The technology company’s shares have risen 10% over the past month, but are down almost 42% for the year.

    The AP reports:

    Read more here.

  • Jenny McCall

    Supermicro stock jumps after raising annual revenue forecast

    Supermicro (SMCI) stock jumped 11% before the bell on Wednesday after the server maker raised its annual revenue forecast on Tuesday, citing continued strong demand for its AI servers, driven by companies expanding their data centre capacity.

    Reuters reports:

    Read more here.

  • Uber stock drops after missing Q4 estimates, issuing disappointing guidance

    Uber (UBER) stock dropped more than 8% in premarket trading after the ride-hailing giant issued first quarter profit guidance that disappointed investors.

    The company also missed fourth quarter estimates as its more affordable ride options affected margins.

    And in other news, Uber said its CFO, Prashanth Mahendra-Rajah, will step down and be succeeded by Balaji Krishnamurthy, a former Goldman Sachs executive.

    Reuters reports:

    Read more here.

  • Jenny McCall

    Eli Lilly sees 2026 profit above estimates as demand for weight‑loss drugs soars

    Eli Lilly (LLY) stock jumped 7% before the bell on Wednesday after the pharmaceutical group provided a 2026 profit forecast above Wall Street estimates. The company said it is hoping demand for its weight-loss drugs rises as it gets ready to release its oral weight-loss pill this year.

    Reuters reports:

    Read more here.

  • Match Group forecasts upbeat revenue as turnaround gains traction

    Match Group (MTCH) stock surged more than 7% in extended trading, nearly recovering all of Tuesday’s losses, after the Tinder parent issued an upbeat revenue outlook for the first quarter and showed signs of progress in its turnaround.

    From Reuters:

    Read more here.

  • Amgen quarterly results beat Street estimates on higher sales, lower tax rate

    Amgen (AMGN) stock advanced 1.5% after hours following solid fourth quarter results from the drug manufacturer, as drug sales increased 7%.

    From Reuters:

    Read more here. 

  • AMD posts better-than-anticipated Q4 earnings and Q1 outlook but stock falls

    Yahoo Finance’s Daniel Howley reports:

    Read the full earnings breakdown here.

  • Chipotle stock sinks after company reports Q4 same-store sales drop 2.5%, forecasts no sales growth in 2026

    Chipotle (CMG) stock dropped 3% in after-hours trading. The burrito-bowl chain said on Tuesday afternoon that same-store sales fell in the fourth quarter and told investors it expects no sales growth in 2026 as it continued to navigate a decline in traffic.

    Yahoo Finance’s Brooke DiPalma reports:

    Read the full earnings story here.

  • Cocoa prices weigh on Mondelez fourth quarter profits

    Mondelez International’s (MDLZ) profits declined in the fourth quarter and full year 2025 as soaring cocoa prices throughout the year and consumers snacking less created some profitability headwinds. Shares of the Ritz cracker and Oreo cookie maker dropped more than 4% in extended trading.

    In the fourth quarter, Mondelez reported earnings per share of $0.51, falling short of expectations of $0.68 per share, according to consensus estimates compiled by S&P Global. Revenue increased 9.3% year over year to $10.4 billion, beating estimates of $10.2 billion.

    Ahead of the report, Jefferies analyst Scott Marks wrote that Mondelez is in a transitional phase as it seeks to stabilize volume declines and reinvest in its brands.

    Some relief may be on the way for the higher commodity prices that have plagued chocolate and food companies over the past year. In the past month, cocoa prices (CC=F) have fallen 27%, which is expected to ease pressure on margins.

    For the full year, Mondelez earnings per share dropped 44% to $1.89 from $3.42 in 2024. For 2026, the company expects net revenue growth to be flat to up 2% and adjusted earnings per share growth to be flat to up 5%.

  • Jake Conley

    Galaxy Digital loses nearly $500 million in Q4 after crypto crash

    Shares in Galaxy Digital (GLXY) fell by more than 4% after the company disclosed Tuesday morning that it lost nearly $500 million and posted negative adjusted earnings for the fourth quarter, driven by “depreciation of digital asset prices in the quarter.”

    Michael Novogratz’s digital assets-focused financial services firm reported a fourth quarter adjusted loss per share of $1.08, falling below analyst estimates for a loss per share of $0.92. Galaxy Digital also missed on revenue for the quarter, reporting $10.2 billion in revenue against analyst estimates of $12.15 billion.

    The company said in a press release announcing the earnings that its loss in crypto-driven revenue reflects “a softer macro environment and lower industry trading volumes and onchain activity.”

    Galaxy Digital also noted that its digital assets trading volumes declined by approximately 40% quarter-on-quarter, “reflecting softer client activity following a record Q3.”

    In Galaxy Digital’s data center division, the company said it “remains on track to deliver 133MW of critical IT load to CoreWeave in the first half of 2026” and that it “received ERCOT approval for an additional 830 MW of power capacity,” bringing the total approved capacity for its Helios campus to 1.6 gigawatts. bringing Helios’ total approved capacity to more than 1.6 gigawatts.

  • Teradyne stock soars after company forecasts upbeat quarterly results

    Teradyne (TER) stock surged 24% in premarket trading on Tuesday after the chip-testing equipment manufacturer issued earnings guidance on Monday that blew past Wall Street’s expectations as companies’ ​multibillion-dollar spending plans for data centers fueled demand.

    Reuters reports:

    Read more here.

  • Jenny McCall

    PayPal stock sinks after forecasting 2026 profit below estimates

    PayPal (PYPL) stock fell 15% before the bell on Tuesday after issuing a disappointing profit forecast for 2026 and reporting fourth quarter earnings below Wall Street estimates. The online payment company said it had been pressured by weaker US retail spending and slow growth within its branded checkout segment.

    The group also named HP’s (HPQ) Enrique Lores as president and CEO, effective ‌March 1.

    Reuters reports:

    Read more here.

  • Jenny McCall

    Pfizer beats fourth quarter profit estimates on robust drug demand

    Pfizer (PFE) topped Wall Street estimates for the fourth quarter profit on Tuesday. The company’s earnings were boosted by continued demand for its older drugs, such as blood thinner Eliquis and heart disease drug Vyndaqel.

    The pharmaceutical group’s stock fell 1% before the bell.

    Reuters reports:

    Read more here.

  • Merck forecasts 2026 sales below estimates on patent losses

    Reuters reports:

    Read more here.

  • Jenny McCall

    PepsiCo tops quarterly revenue estimates on resilient demand for sodas

    PepsiCo (PEP) beat analysts’ estimates for fourth quarter revenue on Tuesday, as strong demand for its drinks in international markets, as well as strength in its low-sugar beverages in the US helped the food and beverage giant to reiterate its 2026 forecast.

    Cans of Pepsi are seen at the PepsiCo Walkers factory in Leicester, Britain, August 14, 2024. REUTERS/Hollie Adams
    Cans of Pepsi are seen at the PepsiCo Walkers factory in Leicester, Britain, August 14, 2024. REUTERS/Hollie Adams · Reuters / Reuters

    Reuters reports:

    Read more here.

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