The American Qualcomm Inc., one of the world’s largest manufacturers of semiconductor components, increased its net profit by 1.8 times in the third quarter of fiscal 2022, but gave a weak forecast against the backdrop of lower consumer demand due to high inflation.

For the quarter ended June 26, the company’s net income was $3.73 billion, or $3.29 per share, compared with $2.03 billion, or $1.77 per share, for the same period last year. Adjusted earnings rose to $2.96 from $1.92 per share.

Revenue shot up by 36% and reached $10.94 billion against $8.06 billion the previous year.

Analysts polled by FactSet had forecast adjusted earnings of $2.89 per share on revenue of $10.86 billion on average. Qualcomm itself expected earnings in the range of $2.75-2.95 per share on revenue of $10.5-11.3 billion

Its wireless and mobile semiconductor business, which makes 5G chips in particular, increased 59% in the quarter to $6.15 billion, beating analysts’ consensus estimate of $5.99 billion.

Sales of car chips grew by 38% to a record $350 million, sales in the Internet of Things segment grew by 31% to $1.8 billion. The results, however, turned out to be worse than analysts’ expectations in both cases (respectively $353.7 million and $1.89 billion).