04:55 PM EST, 11/06/2024 (MT Newswires) -- Qualcomm's ( QCOM ) fiscal fourth-quarter results grew more than expected as the chip supplier reported a fifth consecutive quarter of record automotive revenue.

Adjusted per-share earnings increased to $2.69 from $2.02 a year earlier, versus the Capital IQ-polled consensus of $2.57. Non-GAAP revenue rose 18% year-over-year to $10.24 billion for the three months through Sept. 29, topping Wall Street's $9.93 billion view.

Qualcomm's ( QCOM ) shares were up 7% in after-hours trade on Wednesday.

Revenue at the Qualcomm CDMA technologies division, which represents the semiconductor business, gained 18% to $8.68 billion, driven by a 68% surge in auto to $899 million. Handset sales advanced 12% to $6.1 billion while Internet of Things gained 22% to $1.68 billion, the company said.

The technology licensing unit's sales jumped 21% to $1.52 billion.

Qualcomm ( QCOM ) expects first-quarter adjusted EPS of $2.85 to $3.05 on revenue between $10.5 billion and $11.3 billion. Analysts surveyed by Capital IQ are looking for normalized EPS of $2.87 and sales of $10.61 billion.

The company's board approved a $15 billion stock repurchase program, which is in addition to the prior authorization that had $1 billion remaining at the end of fiscal 2024.

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