Qualcomm has reported strong third-quarter earnings, with adjusted earnings of $2.33 per share, beating the Zacks Consensus Estimate of $2.25 per share, and revenues of $9.39 billion, surpassing estimates by 1.79%. The company forecasts fourth-quarter revenue in the range of $9.5 billion to $10.3 billion, driven by high demand for AI-upgraded smartphones. However, Qualcomm faces challenges due to the U.S. revoking an export license for Huawei, impacting revenue in the current and next fiscal quarters. Despite these hurdles, Qualcomm has consistently outperformed earnings expectations over the last four quarters. Shares initially rose but then fell due to the revenue hit from export curbs. The company is pursuing licensing negotiations with Huawei as it plans for no chip revenue from the firm beyond 2024.