Qualcomm's fourth-quarter results exceeded expectations, with earnings per share of $2.69, adjusted to $2.56, and revenue of $10.24 billion.
Qualcomm provided a positive outlook for the upcoming December quarter, projecting revenue between $10.5 billion and $11.3 billion.
Under the leadership of CEO Cristiano Amon, Qualcomm has diversified its business beyond smartphone chips, investing in personal computers, automotive applications, and industrial machines.
The automotive sector has been a standout performer for Qualcomm, with sales soaring 86% year-over-year.
Qualcomm's chip business reported an 18% increase in sales, while its technology licensing segment generated $1.52 billion in revenue, a 21% increase compared to the same period last year.
Qualcomm's board has approved an additional $15 billion in share buybacks, demonstrating confidence in the company's financial health and future prospects.