Qualcomm shares soar 16% on CEO comments about China orders, hyperscaler customer

qualcomm shares jumped 16% after hours wednesday following ceo cristiano amon's comments on the earnings call. he said the company will start shipping data center chips to "a large hyperscaler" within the calendar year. the stock had initially fallen 7% after qualcomm reported q2 earnings that beat estimates but missed on forward guidance. adjusted earnings per share came in at $2.65, nine cents above estimates. revenue was $10.6 billion, in line with expectations. but q3 revenue guidance of $9.2 billion to $10 billion fell short of the $10.19 billion analysts were looking for. amon wouldn't name the hyperscaler customer but said more details will come at qualcomm's investor day in june. the automotive segment grew a record 38% year-over-year. amon said the current quarter will be the bottom for smartphone sales in china because "customers are running out of inventory." qualcomm also announced a partnership with openai last week to develop an ai chip for smartphones.