Qualcomm reported fiscal second‑quarter earnings of $7.37 billion, or $6.88 per share, more than double the profit a year earlier. Revenue rose on strong demand for its automotive chips and Internet‑of‑Things platforms, offsetting a tightening memory‑supply market that has pressured rivals. The company said its automotive segment grew 30% year over year, reflecting automakers' shift to advanced driver‑assist systems.

Despite the top‑line boost, Qualcomm warned that its outlook for the current quarter falls short of analysts' forecasts, citing lingering component shortages and slower handset demand. The guidance gap sent the stock down 2.7% in after‑hours trade, leaving the shares at $151.88. Investors flagged the miss as a reminder that even diversified chip makers remain vulnerable to supply-chain hiccups.

The profit surge partly reflects a $5.7 billion tax benefit recognized after the company released a valuation allowance. That one‑time gain contributed $5.33 per share to earnings, inflating the headline figure. Excluding the tax item, underlying profit still rose sharply, underscoring the momentum in Qualcomm's non‑mobile businesses.

Analysts note that the automotive and IoT upside may help Qualcomm offset the broader semiconductor slowdown, but the firm must navigate ongoing memory constraints and competitive pressure from rivals expanding into the same markets. The latest results reinforce the chipmaker's pivot toward diversified revenue streams beyond smartphones.