Qualcomm's third quarter earnings exceeded analyst expectations, with higher-than-anticipated revenue and net income exceeding $2 billion. Qualcomm's smartphone chip sales increased, in line with estimates, suggesting stabilizing smartphone demand. Automotive chip revenue increased as Qualcomm expanded in this growing market. Internet of Things revenue declined 8% but still surpassed estimates, including revenues from Meta Quest chips and new PC chips. Qualcomm stock initially rose on the results but ended down 1% after hours.