Qualcomm beat analysts' expectations for fourth-quarter revenue and profit on Wednesday, helped by demand from Chinese smartphone makers targeting emerging markets and a newer licensing model for its wireless technology that has soothed relations with some big customers.

Shares of the company rose 1.5 percent in extended trading on Wednesday.

Qualcomm is the world's biggest supplier of chips for smartphones but it has been battered by growth slowdown in the industry and a loss of major customer Apple.

And while Qualcomm has warned its investors that it expects no revenue from Apple's newest iPhones, Qualcomm has struck deals with Chinese mobile phone makers including Xiaomi, Oppo, Vivo, and OnePlus, all of which offer lower-cost models in emerging markets like India.

The company has also eased its licensing requirements, which helped it retain large customers like Samsung Electronics with new license deals.

Excluding items, Qualcomm earned 90 cents per share, beating analysts' estimates of 83 cents, according to IBES data from Refinitiv.

Revenue fell to $5.80 billion, but was still above estimates of $5.52 billion.

Qualcomm's loss was $493 million, or 35 cents per share, in the quarter ended Sept. 30, compared with a profit of $168 million, or 11 cents per share, a year earlier.