Qualcomm (NASDAQ:QCOM) fiscal second-quarter results, released on Wednesday, exceeded Wall Street estimates, driven by improved chip sales as smartphone demand continued to recover. Following this news, Qualcomm saw an 8% rise intra-day today.

The company reported adjusted earnings per share (EPS) of $2.44 on revenue of $9.39 billion, surpassing the expected $2.32 EPS and $9.34 billion in revenue. The stronger-than-expected results were attributed to a 1% increase in handset chip sales, reaching $6.18 billion in Q2 compared to the previous year.

For the third quarter, Qualcomm expects adjusted EPS between $2.15 and $2.35, with revenue ranging from $8.8 billion to $9.6 billion. These projections compare to the analysts’ estimates of an adjusted EPS of $2.18 and revenue of $9.04 billion.

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