SAN DIEGO — Qualcomm on Wednesday forecast revenue for its fiscal first quarter below analysts' expectations, saying a global shortage of memory chips was forcing Android handset makers to cut production during the crucial holiday season. Shares in the San Diego-based chipmaker fell in extended trading on Nasdaq after the guidance was published.

The company reported fiscal fourth-quarter revenue and adjusted earnings slightly ahead of consensus estimates compiled by LSEG, helped by its automotive and connected-devices businesses. Chief executive Cristiano Amon told analysts on the earnings call that demand for premium smartphones built on Snapdragon processors remained healthy. He said the constraint was not end-user appetite but the availability and price of DRAM and NAND components.

The memory squeeze has deepened through 2026 as Samsung, SK Hynix and Micron diverted production lines towards high-bandwidth memory for AI data centres. Qualcomm first flagged the problem in its guidance earlier this year, and Chinese phone makers including Xiaomi have since raised retail prices or trimmed shipment targets. Chief financial officer Akash Palkhiwala said the company expected tight memory supply to persist into the first half of 2027.

Analysts said the guidance underlined Qualcomm's dependence on handsets even as it tries to diversify. The company reiterated that its AI200 data-centre accelerators, unveiled last year with Saudi Arabia's Humain as an anchor customer, remained on track for commercial shipments. Executives also confirmed that revenue from Apple would continue to decline as the iPhone maker moves to its in-house modems.

The results contrast sharply with Arm, which is due to report strong data-centre royalty growth this week, and with memory makers that have posted record profits on the same shortage hurting Qualcomm's customers. Investors will now look to Qualcomm's automotive pipeline and its PC chips for Windows laptops as the main sources of growth outside smartphones.