Qualcomm Inc. (NASDAQ:QCOM) rose in premarket trading Thursday after the chipmaker reported second-quarter results that topped Wall Street estimates, while issuing a softer-than-expected outlook.

Earnings Snapshot

Revenue for the quarter came in at $10.60 billion, down 2% from a year earlier but slightly above the $10.59 billion consensus estimate, according to Benzinga Pro. Adjusted earnings were $2.65 per share, exceeding expectations of $2.56.

For the third quarter, Qualcomm guided adjusted earnings of $2.10 to $2.30 per share, below the $2.45 estimate. Revenue is expected between $9.2 billion and $10.0 billion, also trailing the $10.27 billion consensus.

Automotive and AI Strategy

The company said its automotive segment has surpassed a $5 billion annual revenue run rate and is on ...