Qualcomm reported third-quarter earnings that surpassed expectations, but its revenue and guidance for the fourth quarter fell short. The company's stock dropped over 6% in extended trading. The decline was attributed to a 25% drop in Smartphone Chip Sales, as the slumping smartphone industry affected Qualcomm's business. However, Qualcomm expects growth in handsets starting in the holiday season. Its automotive business saw a 13% rise in revenue, while the internet of things business experienced a 24% decline. The company's licensing business also declined by 19%. Qualcomm's CEO highlighted the company's focus on artificial intelligence as a potential growth driver.

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