Qualcomm Incorporated announced that its net sales for the second quarter of fiscal 2024 increased 37% to $2.3 billion.

With revenue climbing 1% to $9.4 billion, the company said that its earnings per share also climbed by 36% to $2.06. The company anticipates revenues for the third quarter to range between $8.8 billion and $9.6 billion, while it estimates its GAAP diluted earnings per share (EPS) to be between $1.74 and $1.94.

"We are pleased to report strong quarterly results, with EPS exceeding the high end of our guidance," said Cristiano Amon, President and CEO of Qualcomm Incorporated. "We are excited about our continued growth and diversification, including achieving our third consecutive quarter of record QCT Automotive revenues, upcoming launches with our Snapdragon X platforms, and enabling leading on-device AI capabilities across multiple product categories."

Qualcomm shares went up by 5.38% in after-hours trading after the report was published in the premarket in New York.