Qualcomm (NASDAQ:QCOM) unveiled its fiscal first-quarter earnings, surpassing Wall Street’s expectations amid a resurgence in smartphone demand that propelled sales of handset chips. However, concerns about potential weaknesses in its crucial Chinese market led to investor caution. Shares fell nearly 2% pre-market today.

The company achieved adjusted earnings per share (EPS) of $2.75 and revenue of $9.92 billion, outperforming analyst forecasts of $2.37 EPS and $9.49 billion in revenue.

A significant factor contributing to Qualcomm’s financial success was a notable 16% increase in handset chip sales compared to the same period last year, totaling $6.69 billion. This comes after a 27% year-on-year decline in handset revenue in the preceding quarter.

Sales of automotive chips for the quarter ending December 24 also saw a substantial rise, increasing by nearly a third to $598 million. However, Qualcomm’s Internet-of-Things (IoT) unit experienced a 32% drop in revenue, bringing it down to $1.14 billion.

For the current quarter ending in March, Qualcomm anticipates adjusted EPS to be between $2.20 and $2.40, with projected revenue ranging from $8.9 billion to $9.7 billion. These figures surpass Wall Street’s previous profit and revenue expectations of $2.25 EPS and $9.28 billion.

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