Qualcomm, the world’s largest smartphone chipmaker, has given some hope to the beleaguered industry by lifting its outlook for the December quarter, buoyed by increasing demand for 5G devices, and the company’s push into the automotive and other industries.

According to Qualcomm, revenue for the quarter will be US$10-10.8 billion, compared to Wall Street projections of US$9.73 billion.

Earnings will sit between US$2.90 and $3.10, much higher than previous estimates of $2.58.

Qualcomm is an anomaly in the semiconductor industry, as they hold numerous chip-based patents that many other companies licence, regardless of whether they use specific Qualcomm technology.

The company has also diversified, selling chips to automakers as well as wearables, VR headsets, POS equipment, and even energy metres.

“Now we have more growth vectors than just mobile,” Chief Executive Officer Cristiano Amon told Bloomberg.

“Clearly Qualcomm is no longer defined by a single market.”