Qualcomm reported fiscal third-quarter results in line with expectations, with revenue of $9.95 billion, but provided light guidance for the current quarter, forecasting adjusted EPS of $2.05 to $2.25 on revenue between $9.7 billion and $10.5 billion, below analyst estimates. The chipmaker will raise prices across the board starting September 1 to offset rising production costs amid an ongoing supply crunch, especially in memory. Handset chip sales came in at $5.1 billion, down 20% year over year, reflecting a bottoming in the China market and reduced consumer demand for premium smartphones. Qualcomm, however, reported 9% growth in its Internet of Things segment and is targeting $10 billion in automotive revenue by 2029, including a chip supply deal with BMW.
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