Semiconductor and technology company Qualcomm Inc (NASDAQ: QCOM) reported third-quarter financial results after the market close Wednesday. Here are the key highlights.

Qualcomm reported third-quarter revenue of $8.44 billion, which was down 23% year-over-year. The revenue total missed a Street estimate of $8.51 billion.

The company reported earnings per share of $1.87, which beat a Street estimate of $1.81.

Qualcomm QCT segment revenue was $7.17 billion, down 24% year-over-year. QTL segment revenue was $1.23 billion, down 19% year-over-year.

The company saw its QCT Automotive segment revenue increase 13% year-over-year, marking 11 straight quarters of year-over-year double-digit percentage growth.

“We are pleased with our technology leadership, product roadmap and design-win execution, which position us well for growth and diversification in the long term,” Qualcomm CEO Cristiano Amon said.

Qualcomm sees fourth -quarter revenue coming in a range of $8.1 billion to $8.9 billion. The company sees earnings per share for the third quarter hitting a range of $1.80 to $2.

Analysts were guiding for fourth quarter revenue of $8.7 billion and earnings per share of $1.91, according to Zenger News Pro.

“As AI use cases proliferate to the edge, on-device AI has the potential to drive an inflection point across all our products. Qualcomm remains best positioned to lead this transition given the unmatched accelerated computing performance with the power efficiency of our platforms,” Amon said.

Qualcomm shares are down 3.2% to $125.12 in after-hours trading Wednesday versus a 52-week trading range of $101.47 to $152.90.

Qualcomm Incorporated is a global semiconductor and telecommunications equipment company based in San Diego, California. Founded in 1985 by Irwin Jacobs, Andrew Viterbi, and six others, the company has grown to become a prominent player in the technology industry, particularly in the development of mobile communications technologies.

Qualcomm is best known for its contributions to the development of digital communication technologies and its role in advancing mobile computing and telecommunications. The company designs and manufactures semiconductors and system-on-chip (SoC) solutions used in a wide range of electronic devices, with a significant focus on smartphones and other mobile devices.

One of Qualcomm’s flagship products is its Snapdragon series of mobile processors. These processors power many Android smartphones and are highly regarded for their performance, power efficiency, and support for cutting-edge features such as 5G connectivity and advanced artificial intelligence capabilities.

Produced in association with Benzinga

Edited by Arnab Nandy