California Based Tireless Tech Company Qualcomm Shares Rose 3% 

California-based Qualcomm shares rose over 3% in extended trading on Wednesday after the chipmaker reported third fiscal-quarter earnings. The earnings exceeded analyst estimates and offered a strong forecast for the fourth quarter.

The company reported earnings per share of $1.92, and the analysts expected the earnings per share to be $1.68 per. The company reported revenue as $8.00 billion, and the analysts expected that $7.58 billion. California-based Qualcomm revenue improved 63% from the same period last year, and earnings per share more than doubled annually in the quarter that ended in June. California Based guided investors to a midpoint of $8.8 billion in sales in the current quarter and EPS around $2.25 per share. Much of the growth was driven by chip sales. Qualcomm’s semiconductor business reported $6.47 billion in revenue, a 70% increase annually.

Handset chip sales made up the bulk of that business, though it was also the slowest growing component. RF front-end was the fastest-growing QCT segment, up 114% annually to $957 million in sales. RF front-end chips are an essential part of 5G. Qualcomm CEO Cristiano Amon, who took over on July 1, has prioritized the growth of the company’s RF front-end business, which gives the company’s significant component to selling to handset makers who may want to develop their own 5G modems.

Qualcomm IoT business, a part of QCT, which consists of low-powered chips to make other devices smart as well as networking and industrial uses, grew 83% to nearly $1.4 billion. The company’s profitable Technology Licensing segment, which includes revenue from 5G patents and other handset technologies, rose 43% to $1.49 billion.