Qualcomm reported fourth-quarter earnings on Wednesday that beat Wall Street expectations for earnings and revenue, and the company guided to a strong December quarter.

The shares rose 10% in extended trading at one point before falling to a gain of about 4%.

Here’s how the company did versus Refinitiv consensus expectations for the quarter ending Sept. 29:

• Earnings per share: $2.69, adjusted $2.56 expected
• Revenue: $10.24 billion versus $9.90 billion expected

Qualcomm said it expects revenue in the current quarter of between $10.5 billion and $11.3 billion, with the midpoint of that range beating LSEG consensus expectations of $10.59 billion.

The company reported $2.92 billion in net income, or $2.59 per share, a sharp jump from last year’s $1.49 billion, or $1.23 per share. Qualcomm reported $33.19 billion in total revenue in its fiscal 2024, a 9% increase from 2023.

Qualcomm’s fortunes have historically been tied to the smartphone industry, where the company provides a range of chips to handset makers, including system-on-a-chip processors, modems, and antennas. The company makes the chip at the heart of most high-end Android devices, and many lower-end phones as well. Qualcomm also sells modems and related chips to Apple for its iPhones, and last year said its contract for 5G chips ran through 2026.

Qualcomm reported a 12% increase in handset chip sales to $6.1 billion, in line with FactSet estimates. Qualcomm introduced its high-end chip for 2025, called Snapdragon 8 Elite, in October.

“In handsets we delivered greater than 20% year-over-year growth in Android revenues,” said Qualcomm CFO Akash Palkhiwala on a call with analysts.

Under CEO Cristiano Amon, the company has diversified away from being a smartphone supplier and has introduced and invested heavily in producing chips for PCs, cars, and industrial machines.

“We will continue to transform Qualcomm from a wireless communications company into a connected computing company for the age of AI,” Qualcomm CEO Cristiano Amon said on an earnings call with analysts.

Qualcomm has also made efforts to brand itself as a leader in AI, having developed smartphone chips with specialized parts for machine learning since 2017. But unlike Nvidia, the company doesn’t produce the kind of graphics processors for data centers that are used for big AI programs like OpenAI’s ChatGPT.

The automotive business grew 86% on an annual basis to $899 million in sales. Qualcomm says it has billions of dollars in business with automakers currently in its development pipeline, and highlighted it was the fifth consecutive quarter of growth. Qualcomm said that it expected automotive sales in the current quarter to rise 50% on an annual basis.

The company’s “internet of things” business includes both chips for industrial purposes as well as the chips Meta uses in its Quest handsets and Ray-Ban Smart Glasses. It also includes the new business selling chips for laptops running Microsoft Windows. The division reported $1.68 billion in revenue, a 22% increase from a year earlier.

Qualcomm’s chip business, including its handset, automotive, and other chips, which together is reported as QCT, saw sales rise 18% during the quarter to $7.37 billion in total. 

The company’s profitable technology licensing business, QTL, reported $1.52 billion in revenue, a 21% increase over the same period last year.

Qualcomm said its board had approved $15 billion in additional buybacks. During the fourth quarter, it repurchased $1.3 billion worth of shares and paid out $947 million in dividends.

WATCH: CNBC’s full interview with Qualcomm CEO Cristiano Amon

Apple committed about $1.5 billion to satellite communications company Globalstar to fund the expansion of iPhone services, the companies disclosed in a securities filing on Friday.

The tech giant’s deal with Globalstar includes $1.1 billion in cash, of which $232 million will go toward the satellite company’s current debt, and a 20% equity stake. The deal is expected to close on Tuesday.

Apple has already been spending hundreds of millions for Globlastar services, which enabled the 2022 rollout of iPhone emergency satellite texting.

It is one of several efforts in the direct-to-device, or D2D, satellite connectivity market — which provides service to unmodified devices such as smartphones directly from space — with other projects underway from SpaceX, AST SpaceMobile, Iridium, Lynk and EchoStar.

Globalstar stock jumped 31.4% in Friday trading to close at $1.38 a share.

In the filing, Globalstar noted that it will continue to allocate about 85% of its network capacity to Apple.

The new funds will allow Globalstar to purchase new satellites and expand its ground infrastructure. Globalstar currently operates 31 satellites and has already ordered as many as 26 satellites to replenish and upgrade its constellation in low Earth orbit.

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.

The Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions.

The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs. Even when Goldman Sachs did receive disputes, the CFPB said the bank did not follow federal requirements when investigating the cases.

Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. The bureau also banned Goldman Sachs from launching new credit cards unless it can provide an adequate plan to comply with the law.

“Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law,” said CFPB Director Rohit Chopra.

Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company’s mobile payment and digital wallet service. The company partnered with Goldman Sachs as its issuing bank, and advertised the card as more simple and transparent than other credit cards.

That December, the companies launched a new feature that allowed users to finance certain Apple devices with the card through interest-free monthly installments.

But the CFPB found that Apple and Goldman Sachs misled consumers about the interest-free payment plans for Apple devices. While many customers thought they would get automatic interest-free monthly payments when they bought Apple devices with an Apple Card, they were still charged interest. Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.

It also meant some consumers had incorrect credit reports, the agency said.

“Apple Card is one of the most consumer-friendly credit cards that has ever been offered. We worked diligently to address certain technological and operational challenges that we experienced after launch and have already handled them with impacted customers,” Nick Carcaterra, vice president of Goldman Sachs corporate communications, told CNBC. “We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.”

Apple said it worked closely with Goldman Sachs to address the issues when it learned about them.

“While we strongly disagree with the CFPB’s characterization of Apple’s conduct, we have aligned with them on an agreement,” an Apple spokesperson said. “We look forward to continuing to deliver a great experience for our Apple Card customers.”

— CNBC’s Hugh Son and Steve Kovach contributed to this report.

I tested the new hearing health features coming to Apple‘s AirPods Pro 2 headphones, and they saved me a long-overdue trip to the audiologist. 

Apple unveiled the features during an event in September, and they will be publicly available through a free software update next week. Users can take a clinically validated hearing test with the AirPods Pro 2, and the buds will serve as an over-the-counter hearing aid if applicable. The headphones will also be equipped with new hearing protection capabilities, such as loud sound reduction, that are switched on by default. 

More than 1.5 billion people are living with hearing loss, according to the World Health Organization. Tapping into this market could help Apple juice sales for the $249 AirPods Pro 2, which the company first launched two years ago. 

If you already own the headphones, the hearing health features are worth exploring. They take just a few minutes to set up, and they’re easy to use from the comfort of your home. The AirPods Pro 2 are also a cost-effective option for those looking for assistive hearing technology. Other over-the-counter hearing aids can cost thousands of dollars without insurance, for instance. 

Taking the hearing test

I have a pair of third-generation AirPods that I use every day, but this was my first time trying the AirPods Pro 2. I took them straight out of the box, flipped open the lid to the charging case and paired them with an iPhone. After that, I popped them in my ears and prepared to take Apple’s hearing test.

During its event in September, Apple said 80% of adults in the U.S. have not had their hearing checked in the past five years. That’s certainly true in my case. The last time I remember getting my hearing tested was in elementary school. 

Admittedly, I haven’t gone out of my way to protect my hearing, so I wasn’t sure what my results would look like. I felt a little nervous beforehand. 

To access the test, you can go into the Health app or into the earbuds’ settings menu. I pulled it up, and it prompted me with a few basic questions about my age, my health and whether I’d been exposed to a loud environment in the past 24 hours. 

You need to be in a very quiet space to take the test. Apple runs a background noise test to ensure your environment is suitable, and then it assesses the fit of your headphones within your ears. The AirPods Pro 2 come with medium-sized flexible ear tips attached, but there are extra small, small and large tip sizes included in the box. Apple sells a set of ear tips on its website for about $13 if you’ve misplaced yours.      

I took the test in my apartment, and I didn’t need to adjust the fit of the headphones. I read the test’s instructions and then it was time to get started. 

The hearing test plays a series of tones at different volumes and frequencies, and you tap the screen each time you hear a sound. It started with my left ear and moved to my right, and it took a little more than five minutes.

The hearing test was easy. There are some long pauses between tones, so I felt like I second-guessed myself occasionally. And Apple isn’t kidding about finding a quiet space to take this test. Some of the tones were so soft that I practically had to hold my breath to hear them. My test also automatically paused a few times as traffic passed by outside, so I’d recommend finding a room that’s as close to silent as possible.  

You can take the test as many times as you want, and you’ll get your results as soon as you’re done. A copy is stored in the Health app, and you can share it with your doctor. 

I learned that I have little to no hearing loss in both ears, though there are some frequencies that might be harder for me to pick up on. It’s nice to have that peace of mind. 

Using your headphones as a hearing aid

Since I have minimal hearing loss, I was prompted to turn on a feature called “Media Assist,” which uses my hearing test results to adjust the clarity of my calls, music and videos based on my specific profile. 

I had Media Assist enabled as I used the AirPods Pro 2 to FaceTime friends and family, watch CNBC and listen to different genres of music on Spotify. I didn’t hear much of a difference with music or TV, but I did notice that voices seemed amplified on my FaceTime calls. It’s a subtle change, but I found it helpful. 

If your test results show you have mild to moderate hearing loss, you’ll be prompted to set up and use your headphones as a clinical-grade hearing aid. The U.S. Food and Drug Administration approved Apple’s hearing aid software in September. 

“After you take a hearing test, your AirPods Pro are transformed into a personalized hearing aid, boosting the specific sounds you need in real time, like parts of speech, or elements within your environment,” Dr. Sumbul Desai, Apple’s vice president of health, said in a prerecorded video last month.

The hearing aid feature is intended for adults with mild to moderate hearing loss, but users can turn it on in their settings even if they don’t fall under that category. Out of curiosity, I switched it on while walking around New York City, running errands, watching TV and chatting with my roommates. 

The feature instantly amplified the world around me, and I joked that it felt like a superpower. It was easier for me to hear quiet dialogue on TV, and my conversations were magnified. Interestingly, I didn’t feel overwhelmed by the loud sounds of the city, which I suspect is due to the earbuds’ new hearing protection features. 

Using a hearing aid can take some getting used to, so don’t worry if it doesn’t feel natural right away. You can also make specific adjustments to your liking in your settings and the iOS Control Center. 

The hearing aid feature was cool to try, even if I don’t need to use it. It would be nice to switch it on in a crowded New York City restaurant, but otherwise, I got the support I needed from the Media Assist feature.        

If you have mild to moderate hearing loss and are prompted to turn on the hearing aid feature, Media Assist will also be activated. Your AirPods Pro 2 will automatically adjust as you make calls, watch videos and listen to music across all your Apple devices. 

Though I wasn’t the ideal candidate for the hearing aid, I’m excited to tell my parents and grandparents about it. Since the AirPods Pro 2 look like any other pair of Apple headphones, they’re less conspicuous than many existing hearing aids, which I expect will be an added perk for many users. 

Shares of Taiwan Semiconductor Manufacturing Company, the world’s largest producer of advanced chips, serving clients such as Apple and Nvidia, jumped more than 10% on Thursday morning after the company reported a 54% hike in net profit in the third quarter. The company expects annual revenue growth in the last three months of the year, as global chipmakers continue to benefit from demand boosted by AI applications.

Shares of chip companies rose on the results. Nvidia stock was up about 3%, Micron rose about 4% and AMD was up about 2% Thursday morning.

The company’s net income was 325.3 billion Taiwanese dollars ($10.1 billion) over the July-September quarter, surpassing an LSEG estimate of $300.2 billion Taiwanese dollars cited by Reuters.

Net revenue came in at $23.5 billion in the third quarter, up 36% year-on-year, with TSMC’s gross margin rising to 57.8% over July-September, compared with 54.3% in the same period of last year.

“Based on the current business outlook, we expect for our fourth-quarter revenue to be between $26.1 billion and $26.9 billion, which represents a 13% sequential increase or a 35% year-over-year increase at the midpoint,” TSMC Chief Financial Officer Wendell Huang said during an earnings call following the results release, according to a call transcript produced by FactSet.

In the third quarter, “our business was supported by strong smartphone and AI-related demand for our industry leading 3nm and 5nm technologies,” TSMC said in a statement, referencing its semiconductor nodes.

In the Thursday earnings call, TSMC Chairman and CEO C.C. Wei stressed that AI demand is “real” and that the company has experienced the “deepest and widest growth of anyone in this industry,” as a result.

“We have talked to our customers all the time, including our hyperscaler customers who are building their own chips. And almost every AI innovator is working with TSMC,” he said.

The company’s Taipei-listed shares have soared nearly 80% year-to-date, outpacing the 28.57% gains of the broader market over the same period.

TSMC now anticipates its capital expenditure for this year will pick up to slightly higher than $30 billion, it said during its earnings call. The firm’s capex costs edged higher to $6.4 billion in the third quarter, versus $6.36 billion across the three preceding months.

The Taiwanese chipmaker, whose advanced chips are vital to a swathe of products ranging from smartphones to AI applications, has been increasing its manufacturing presence worldwide, carrying out a vast overseas investment of $65 billion for three chip plants in Arizona to meet U.S. demand, as well as opening its first factory in Japan earlier this year.

TSMC’s earnings beat comes the same week as Netherlands-based ASML, which supplies machines to the Taiwanese company, issued a lower-than-expected forecast of net sales, sending shares tumbling.

Some market participants have questioned the long-term resilience of the AI boom and the return on increasing investments in the technology sector — while Young Liu, CEO and chairman of key Apple supplier Foxconn, told CNBC last week that the AI frenzy “still has some time to go,” as advanced language models evolve with each new iteration.

Correction: This article has been updated to accurately reflect that TSMC’s third-quarter net income hit 325.3 billion Taiwanese dollars.

Asian chip stocks rose on Tuesday after Nvidia closed at a record high overnight as the chip company continues to ride the massive artificial intelligence wave.

Stocks tied to Nvidia suppliers as well as other chip companies advanced as the bullish investor sentiment spilled over. Shares of South Korean chipmaker SK Hynix, which manufacturers high bandwidth memory chips for AI applications, for Nvidia surged 2.5%.

Samsung Electronics, which is expected to be manufacturing HBM chips for some Nvidia products, saw its shares rise 0.5%.

Shares of Taiwan Semiconductor Manufacturing Company and Hon Hai Precision Industry — known internationally as Foxconn — which are part of the Nvidia supply chain, jumped about 2% and 2.5%, respectively.

Japanese semiconductor manufacturing firm Tokyo Electron surged 5%, testing equipment supplier Advantest gained 3.6% and Renesas Electronics rose over 4%.

Japanese technology conglomerate SoftBank Group, which owns a stake in chip designer Arm, jumped as much as 6.4%.

Apple could launch a connected ring to rival Samsung by 2026, according to CCS Insight, adding to the U.S. tech giant’s focus on health.

The call is part of CCS Insight’s annual predictions report and if it came true, it would be the first new product from the Cupertino giant since the Apple Vision Pro headset launched this year.

“Health has become a fundamental pillar for Apple. In fact, I would go so far as to say, at the point that Tim Cook decides to relinquish control and he retires … I would like to think that one of his major legacies from Apple would be around personal health,” Ben Wood, chief analyst at CCS Insight, told CNBC’s Beyond the Valley podcast published on Tuesday.

“Given how deeply and personally invested Tim Cook is in health, I think that a ring is a very complimentary extension to Apple,” he said, referring to Apple CEO Cook.

Wood highlighted Apple’s focus on health from products like the Apple Watch with all of its sensors to the latest AirPods Pro 2 headphones that can turn into hearing aids.

Similar to smartwatches, a smart ring is embedded with various sensors to track health metrics like heart rate.

Oura was one of the pioneers of the space, but Samsung this year launched the Galaxy Ring, bringing this style of product to a bigger audience, as it looks to make a bigger push into the health space.

The Samsung Galaxy Ring costs $399 and adds to the South Korean tech giant’s portfolio of products from smartphones to smartwatches as it looks to keep users locked into its world of devices.

Apple employs a similar strategy with its suite of products attempting to keep its already sticky customers in its ecosystem of hardware. A ring would add another product to that portfolio, Wood said.

Unlike other items of consumer electronics, rings are complicated from a retail point of view because people have different sized fingers. Samsung has various sizes and colours of rings and users receive a sample size kit before they purchase a ring.

Apple differs from Samsung in that it has a large and stylish physical retail footprint which would help any attempt to sell a ring product to customers, according to Wood.

“I also think that their retail footprint is ideally suited to it as well because rings are complex products to get to market,” Wood told CNBC.

Rings are also fashion items. Wood said that Apple’s products still have allure in the market.

“Apple is a brand that has a certain amount of kudos in terms of being a product that people are proud to have. And I think a beautifully designed ring from Apple could be one of those things that’s almost a sort of status symbol,” Wood said.