04:41 PM EDT, 05/01/2024 (MT Newswires) -- Qualcomm ( QCOM ) fiscal second-quarter results grew more than expected as the chip supplier reported a third consecutive quarter of record automotive revenue.

Adjusted per-share earnings increased to $2.44 from $2.15 a year earlier, versus the Capital IQ-polled consensus that indicated $2.32. Non-GAAP revenue rose 1% year over year to $9.39 billion for the three months through March 24, topping Wall Street's $9.35 billion view.

Qualcomm ( QCOM ) shares were up 4.2% after the closing bell Wednesday.

Revenue at the Qualcomm CDMA technologies division, which represents the semiconductor business, gained 1% to $8.03 billion amid a 35% surge in auto to $603 million. Internet of Things slid 11% to $1.24 billion, the company said.

The technology licensing unit's sales rose 2% to $1.32 billion.

Qualcomm ( QCOM ) expects third-quarter adjusted EPS of $2.15 to $2.35 on $8.8 billion to $9.6 billion in revenue. Analysts surveyed by Capital IQ are looking for normalized EPS of $2.16 and sales of $9.05 billion.

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