Qualcomm just reported Q4 results. Here’s why the stock is soaring.

Qualcomm (NASDAQ:QCOM) shares rose 9% in extended trading on Wednesday after the semiconductor company reported fiscal fourth-quarter results and guidance for fiscal 2025 that were better-than-expected.

For the period ending September 29, Qualcomm said it earned an adjusted $2.69 per share as revenue rose 19% year-over-year to come in at $10.24B. QCT sales rose 18% year-over-year to $8.678B. Revenue from handsets rose 12% year-over-year to $6.096B, while automotive sales jumped 68% to $899M. Sales from its internet of things division soared 22% to $1.683B. Licensing revenue rose 21% year-over-year to $1.521B.

A consensus of analysts expected the company to earn $2.57 per share on $9.93B during the period.

Other chip stocks, such as Broadcom (AVGO), Intel (INTC) and Nvidia (NVDA) saw modest moves in late trading.

“We are pleased to conclude the fiscal year with strong results in the fourth quarter, delivering greater than 30% year-over-year growth in EPS,” said Qualcomm CEO and President Cristiano Amon in a statement. “We are excited about our recent product announcements at Snapdragon Summit and Embedded World, as they continue to extend our technology leadership and position us well across Handsets, PC, Automotive and Industrial IoT. We look forward to providing an update on our growth and diversification initiatives at our Investor Day on November 19.”

Looking to fiscal 2025, Qualcomm said it expects to earn between $2.85 and $3.05 per share on an adjusted basis for the first-quarter, with revenue forecast between $10.5B and $11.3B. Analysts were expecting an adjusted $2.81 per share in earnings and $10.54B in revenue.

The company will hold a conference call at 4:45 p.m. EST to discuss the results.