"Qualcomm's Strong Earnings Signal Recovery in Smartphone and Automotive Markets"

Qualcomm reported fiscal first-quarter results that exceeded analysts' estimates, with a 16% increase in handset chip sales driving a 24% rise in net income. The company's focus on expanding chip technology into markets beyond smartphones, such as PCs, cars, and virtual reality headsets, is showing promise. Despite a decline in its Internet of Things business, Qualcomm's automotive business reported a 31% increase in sales. The company's profitable licensing business saw a 4% annual decline in revenue.