Qualcomm Inc (NASDAQ:QCOM) reported first-quarter financial results, which included several company records, after the tmarket close Wednesday.

Here are the key highlights.

What Happened: Qualcomm reported record first-quarter revenue of $11.7 billion, up 17 % year-over-year. The revenue total beat a Street consensus estimate of $10.93 billion, according to data from Benzinga Pro.

The company reported first-quarter earnings per share of $3.41, a non-GAAP company quarterly record. The earnings per share beat a Street consensus estimate of $2.96.

Qualcomm’s revenue for the QCT segment was a record $10.1 billion, up 20% year-over-year. The segment revenue breaks down as follows:

• Handsets: $7.57 billion, +13% year-over-year
• Automotive: $961 million, +61% year-over-year
• IoT: $1.55 billion, +36% year-over-year

This marked the sixth consecutive quarter of record revenue for the QCT automotive segment. The QCT handsets segment also had record quarterly revenue.

QTL segment revenue was $1.5 billion, up 5% year-over-year.

"We are very pleased to have achieved quarterly revenue records, which reflect the strength of ourtechnology, product roadmap and end-customer demand," Qualcomm CEO Cristiano Amon said.

The company bought back $1.8 billion in stock in the first quarter.  Read Also: Qualcomm Q4 Earnings Highlights: Revenue Beat, EPS Beat, New $15 Billion Share Buyback Announced

What's Next: Qualcomm guidance calls for second-quarter revenue to be in a range of $10.3 billion to $11.2 billion.

Revenue guidance breaks down as QCT $8.9 billion to $9.5 billion and QTL $1.25 billion to $1.45 billion.

Analysts are guiding for second-quarter revenue of $10.34 billion, according to data from Benzinga Pro.

The company is guiding for second-quarter earnings per share in a range of $2.70 to $2.90, versus a Street consensus estimate of $2.69.

"We are delivering growth across our diversification initiatives and remain committed toexecuting on our fiscal 2029 targets to achieve $22 billion of non-handset revenue," Amon said.

QCOM Price Action: Qualcomm stock was trading 1.64% higher at $175.88 ahead of the close Wednesday versus a 52-week trading range of $142.43 to $230.63. Qualcomm stock is up around 21% over the past year.

Read Next:

• Qualcomm’s China Tailwind: Analyst Sees Positives That ‘Overwhelm’ Apple Concerns

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