Qualcomm reported fiscal third-quarter earnings that surpassed Wall Street expectations and provided a strong forecast for the current quarter. The company’s revenue for the quarter ending June 29 was $10.37 billion, slightly higher than the expected $10.35 billion. Qualcomm expects $2.85 per share in adjusted earnings for the current quarter.

The company’s net income for the quarter was $2.66 billion, a significant increase from $2.13 billion a year ago. Qualcomm’s handset chip business reported $6.33 billion in revenue, just below Wall Street’s expectations of $6.44 billion. The company is working to diversify its business beyond smartphone chips.

Qualcomm CEO Cristiano Amon highlighted the company’s work with Meta on devices like the Ray-Bans smart glasses. The company’s IoT division, which includes Meta revenues, had $1.68 billion in revenue during the quarter. Meta’s smart glasses sales tripled on an annual basis.

Qualcomm is looking to expand into the data center and provide AI chips. The company expects its chip business to grow by 15% this year without Apple. Qualcomm is also in discussions with a major cloud company to supply AI chips and could see revenues in fiscal 2028. The company’s automotive business grew 21% to $984 million in the third quarter.

Read more at CNBC: Qualcomm (QCOM) earnings report Q3 2025