Qualcomm's fiscal fourth-quarter results grew more than expected as the chip supplier reported a fifth consecutive quarter of record automotive revenue. Adjusted per-share earnings increased to $2.69 from $2.02 a year earlier, surpassing the Capital IQ-polled consensus of $2.57. Non-GAAP revenue rose 18% year-over-year to $10.24 billion for the three months through Sept.
29, topping Wall Street's expectation of $9.93 billion. Following the report, Qualcomm's shares were up 7% in after-hours trade on Wednesday. Revenue at the Qualcomm CDMA technologies division, which represents the semiconductor business, gained 18% to $8.68 billion, largely driven by a significant 68% surge in automotive revenue to $899 million.
Handset sales advanced by 12% to $6.1 billion, while revenue from the Internet of Things grew 22% to $1.68 billion, as reported by the company. Additionally, the technology licensing unit's sales experienced a jump of 21%, reaching $1.52 billion. Looking ahead, Qualcomm expects first-quarter adjusted EPS of $2.85 to $3.05, with revenue projected between $10.5 billion and $11.3 billion.
Analysts surveyed by Capital IQ are forecasting normalized EPS of $2.87 and sales of $10.61 billion. In a significant move, the company's board also approved a $15 billion stock repurchase program, supplementing the prior authorization that had $1 billion remaining at the end of fiscal 2024. Price: 185.17, Change: +12.18, Percent Change: +7.04.