technology and chip companies Qualcomm Inc QCOM released second quarter financial results after market close Wednesday. Below are the key highlights for investors.

What happened: Qualcomm reported revenue of $9.28 billion in the second quarter, down 17% year over year. Total revenue topped a consensus estimate of $9.1 billion, according to Street Data from Benzinga Pro.

The company reported earnings per share of $2.15, in line with estimates.

By segment, Qualcomm reported QCT revenue of $7.9 billion and QTL revenue of $1.3 billion, down 17% and 18% year over year, respectively.

In the QCT segment, mobile handset revenue of $6.1 billion declined 17% year-on-year. QCT’s automotive segment generated revenue of $447 million, up 20% year over year.

“As we navigate this challenging environment, we remain focused on the critical factors we can control to emerge stronger from this downturn – our leading technology roadmap, world-class product portfolio, strong customer relationships and operational efficiencies,” said Qualcomm CEO Cristiano Amon called.

The company repurchased 7 million shares worth $903 million during the second quarter.

Related link: Analyst expects Qualcomm to bank thanks to Apple-Samsung love affair

What’s next: According to data from Benzinga Pro, Qualcomm expects third-quarter revenue of $8.1 billion to $8.9 billion versus a Street estimate of $9.14 billion.

The company expects earnings per share to be in the range of $1.70 to $1.90 for the third quarter.

“Our top priority remains executing our diversification strategy and investing in areas that add long-term value,” said Amon.

QCOM Price Promotion: Qualcomm shares are down 3% to $109.29 after the close on Wednesday.

Continue reading: Exclusive: Qualcomm sees “limitless” possibilities in cloud connectivity

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