Investors are selling Qualcomm, Inc. (NASDAQ: QCOM) shares after hours Wednesday as second-quarter results, while easily beating estimates, failed to inspire new money. Also, guidance, while raised, is a hair below Wall Street views.

The mobile chip giant reported revenue in the quarter rose 28 percent from last year and 6 percent sequentially to $4.94 billion. This beat the consensus estimate of $4.82 billion.

Operating income was up 6 percent from the same period last year and 2 percent sequentially to $1.51 billion. Net income was up 123 percent from the year-ago quarter and 59 percent sequentially to $2.23 billion. The company reported EPS on a GAAP basis of $1.28, up 117 percent y-o-y and 58 percent sequentially. On a non-GAAP basis, earnings were $1.01 per share, or $0.06 per share better than the analyst estimate of $0.95.

"I am pleased to report another quarter of record revenues and earnings per share, driven by strong demand for 3G- and 4G-enabled devices across both developed and emerging regions," said Dr. Paul Jacobs, chairman and CEO of Qualcomm. "We are excited to see the continued growth of 3G and 4G smartphones, as well as new mobile computing devices. We are increasing our operating expenses to facilitate additional 28 nanometer supply and to continue to position our industry-leading chipset solutions for the opportunities ahead."

For the third quarter, Qualcomm sees revenue up 23-24 percent to $4.45-$4.85 billion, versus the consensus of $4.8 billion. GAAP EPS is seen up 10-20 percent to $0.67 - $0.73, which may not compare to the consensus of $0.90.

For the year, the company is expecting revenue of $18.7 - $19.7 billion versus the consensus of $19.37 billion. Qualcomm raised FY12 adj-EPS guidance from $3.55-$3.75 to $3.61-$3.76, vs. the consensus of $3.78. On a GAAP basis EPS for the year is seen at $3.41-$3.56.

Shares of Qualcomm last traded at $64.51, down 3.7 percent from the close.

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