高通今日盘前股价大跌5.04%，引发市场关注。
根据公司2025财年第一季度财报：
营收116.69亿美元，同比增长17.5%，超出市场预期。第一季度调整后每股收益3.41美元，也超出预期。
高通预计第二财季营收介于103亿至112亿美元之间、调整后每股收益介于2.70至2.90美元之间，中位数都超出分析师预期。
不过，高通首席财务官Akash Palkhiwala表示，公司预计2025年整体手机市场将持平或只有低个位数增长，若不计算中国补贴影响以及AI换机潮等因素。这一展望引发市场担忧手机需求增长放缓，加之高通与苹果的基带业务合作协议只到2026年，如无续约收入将归零，这或将直接影响高通的芯片业务。
虽然高通公司本季度业绩和下季度指引均不错，但管理层透露的较低手机市场预期以及基带业务的可能变动,都可能对高通中长期业绩预期产生影响,降低了市场的信心。
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