The company’s shares rose 5.5 percent in extended trading. It rose 12 percent immediately after the results were announced after the company also announced a new stock buyback worth $15 billion.
The San Diego, California-based company is the largest supplier of smartphone chips and is benefiting from a rebound in smartphone markets as consumers upgrade devices for artificial intelligence applications such as chatbots and image generators.
Qualcomm derived 46 percent of its revenue in its most recent fiscal year from customers headquartered in China.
Trump has put forward plans for a second term to impose comprehensive tariffs of 10 to 20 percent on almost all imports, as well as tariffs of 60 percent or more on goods coming from China, in an attempt to boost American manufacturing.
