Thank you, Mauricio. Good afternoon, everyone. Thanks for joining us today.
In fiscal Q1, we delivered record revenues of $12.3 billion and non-GAAP earnings per share of $3.50. Within QCT, record revenues of $10.6 billion were driven by strength in flagship handsets. We also saw another quarter of record revenues in automotive and positive momentum in IoT across industrial edge networking applications and smart glasses. Licensing business revenues were $1.6 billion, while global consumer demand for handsets, especially premium and high tier, exceeded our expectations with healthy sell-through observed through fiscal Q1 in the first few weeks of 2026.
In the coming quarters, the handset industry will be constrained by the availability and pricing of memory, particularly DRAM. As memory suppliers redirect manufacturing capacity to HBM to meet AI data center demand, the resulting industry-wide memory shortage and price increases are likely to define the overall scale of the handset industry through the fiscal year. Given the current environment, several handset OEMs, especially in China, are taking a cautious approach in reducing their chipset inventory. This is reflected in our guidance for the upcoming quarter. We will continue to work closely with our customers and suppliers as the situation evolves. Akash will share more details on the memory impact in his prepared remarks. And now some key highlights from the business. We are pleased with the continued expansion of the premium and high-tier smartphone segments and traction of Snapdragon platforms, including broad OEM adoption for dual flagship products. For Samsung's upcoming family of premium-tier devices, we expect approximately 75% share consistent with prior expectations. It's important to note that during the quarter, ByteDance launched the first AgenTek AI smartphone powered by the Snapdragon 8 Elite. This is a significant milestone in the transition toward AI-native smartphones, the precursor to the agentic experiences shaping the future of mobile. With the development of agents and AI becoming the new UI, intelligent wearables are evolving into personal AI companions and quickly emerging as the next mobile computing category. Our early investments in this area, including powerful and power-efficient chipsets, advanced connectivity including micro power Wi-Fi, as well as ambient sensing and perception technologies, position Snapdragon XR wear and sound as the platforms of choice for the industry. We're pleased to be working with seven of the nine largest cloud companies globally, and more than 40 personal AI devices are in production or development. In PCs, we introduced the Snapdragon X2 Plus, an expansion of our second-generation platforms purpose-built for the enterprise and commercial segment.
The X2 Plus is powered by the third-generation Qualcomm Orion CPU, which delivers up to 35% faster single-core performance and up to 3.5 times faster multi-core performance compared to the competition in previous generations. Our Hexagon NPU provides up to 5.7 times and 3.4 times faster inferencing versus competitors' NPU and GPU respectively. Eighteen Snapdragon-powered PCs debuted at CES from ASUS, HP, Lenovo, and Microsoft. The ASUS Zenbook A16 was one of the standouts, featuring the Snapdragon X2 Elite Extreme and is the fastest Snapdragon-powered laptop to date. It features our 18-core third-generation Orion CPU and 80 TOPS hexagon NPU for AI workloads in an Adreno GPU delivering up to a 2.3 times improvement in performance per watt versus the prior generation. X2 Elite Extreme enables desk-class performance, advanced graphics, and more than 21 hours of battery life in an ultra-light 16-inch form factor. We remain on track to commercialize 150 Snapdragon X power PCs this year.
Demand for our Snapdragon digital chassis solutions remains incredibly strong, and we announced several collaborations with top automakers, OEMs, and service providers during the quarter. We signed a letter of intent for a long-term supply agreement with Volkswagen Group, which spans many brands including Audi and Porsche. Under this intended agreement, we would provide advanced infotainment and connectivity capabilities powered by our digital chassis across multiple vehicle segments, price tiers, and markets. We would also serve as the group's primary technology provider for its software-defined vehicle architecture, developed through its joint venture with Rivian Automotive. In addition, we're collaborating with the group's automated driving alliance formed by Cariad and Bosch to accelerate the development of highly automated driving systems. We're very proud that the newly launched RAV4, Toyota's top-selling vehicle globally and one of the best-selling cars worldwide, is powered by our Snapdragon cockpit platform, delivering premium AI-enabled in-vehicle experiences.
We also announced new and expanded collaborations with Hyundai, Movies Deep Motor, Li Auto, Zeeker, Great Wall Motor, NIO, and Cherry, bringing our total design wins for Snapdragon Elite platforms to 10 programs. In industrial IoT, we continue to expand our portfolio of advanced computing, connectivity, and AI solutions for an increasing number of verticals. With the recent acquisition of Algenxx, we augmented our Dragon Wing vision portfolio and Qualcomm Insight platform with its AI-based low-power image signal processing solution. At CES, we also introduced two new Dragon Wing processors delivering on-device intelligence for security-focused drones, smart cameras, and industrial vision AI TVs, media hubs, and video collaboration systems. Additionally, the launch of our new Dragon Wing IQX series marked our entry into the industrial PC space with best-in-class compute performance and efficient edge AI engineered for PLCs, advanced HMIs, edge controls, and panel and box PCs. This quarter, we formally announced our expansion into advanced robotics and introduced a full suite of robotics technologies and solutions, including the Dragon Wing IQ 10 series. Our general-purpose robotics architecture supports advanced perception and motion planning using models such as VLAs and VLMs, allowing robots to perceive, reason, adapt, and act in real-world environments. As part of a complete hardware-to-software stack, IQ 10 is designed to accelerate the commercialization of household, industrial, and humanoid robots. It combines heterogeneous edge compute, safety-grade SoCs, and end-to-end AI. In a short period of time, we have engaged with AdventTech, Eplux OuterCore, Booster Figure, KUKA Robotics, Robotech AI, and ZenMotion to help define the compute architecture for their robotics and humanoid platforms. The physical AI in robotics space is experiencing rapid growth driven by advances in edge AI and sensor fusion, and QUALCOMM Incorporated is one of the best-positioned companies to enable this next frontier of AI. We will do this by leveraging our strengths in high-performance, power-efficient computing, connectivity, and edge intelligence, as well as our experience in ADAS and autonomy, industrial and safety-grade silicon, and perception and sensing technologies. Many of the drivers of our leadership in automotive are applicable to advanced robotics. Finally, we continue to develop our data center solutions and engage with leading hyperscalers, cloud service providers, sovereign AI projects, and other global partners. We remain encouraged by the positive feedback on our CPU and innovative AI processing and memory architecture for next-generation inferencing data centers. Additionally, the recent developments in the industry validate platforms QUALCOMM Incorporated's view of the importance of specialized and power-efficient AI as inferencing becomes the key driver of data center growth. In fiscal Q1, we completed the Alpha Wave SEMI acquisition, adding high-speed wire connectivity technology to further strengthen our platforms. We also acquired Ventana Micro Systems, reinforcing our leadership and commitment to expanding the RISC V standard in the ecosystem, and development of our high-performance RISC V CPU for data center workloads. We look forward to providing more information, including an update on our roadmap at our next investor event. We will also share our progress in robotics, automotive, next-generation autonomy, industrial IoT, and 6G. I will now turn the call to Akash.