Meta Quest and New PC Chips Help Propel Qualcomm's Q3 Revenue, as Net Income Exceeds $2B
Qualcomm's third quarter earnings exceeded analyst expectations, with higher-than-anticipated revenue and net income exceeding $2 billion. Qualcomm's smartphone chip sales increased, in line with estimates, suggesting stabilizing smartphone demand. Automotive chip revenue increased as Qualcomm expanded in this growing market. Internet of Things revenue declined 8% but still surpassed estimates, including revenues from Meta Quest chips and new PC chips. Qualcomm stock initially rose on the results but ended down 1% after hours.
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00:00It's Benzinga, and here's what's on the block.
00:02Qualcomm's third quarter earnings exceeded analysts' expectations with higher than
00:06anticipated revenue and net income exceeding $2 billion. Qualcomm's smartphone chip sales
00:12increased in line with estimates suggesting stabilizing smartphone demand. Automotive chip
00:17revenue increased as Qualcomm expands in this growing market. The Internet of Things revenue
00:22declined 8%, but still surpassed estimates including revenues from MetaQuest chips and
00:27new PC chips. Qualcomm's stock initially rose on the results but ended down 1% after hour.
00:33For all things money, visit Benzinga.com.