With broader markets in the dumps, shares of Qualcomm (Nasdaq: QCOM) recovered Wednesday's losses, and then some, after the close of trading. The turnaround came in response to better than expected Q4 earnings, and raised guidance.

For the fourth quarter of 2012, Qualcomm reported revenue of $4.87 billion, topping estimates by $200 million. This was an 18 percent gain compared to last year. Earnings also came in ahead of consensus, topping estimates by 7 cents.

"I am very pleased with our performance this year. We delivered record revenues, earnings and MSM chipset shipments driven by increasing global consumption of wireless data across a diverse range of devices, particularly smartphones," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm.

In addition to topping Q4 estimates, Qualcomm reported Q1 EPS guidance that was ahead of consensus by 12 cents. Full-year EPS and revenue guidance also came in above consensus, giving investors plenty of reasons to smile, despite an otherwise dismal day on Wall Street.

Specifically, Qualcomm sees Q1 2013 EPS of $1.08-1.16, versus the consensus of $1.00, and revenue of $5.6-6.1 billion, versus the consensus of $5.29 billion. For FY2013 they see EPS of $4.12-4.32, versus the consensus of $4.13, and revenue of $23-24 billion, versus the consensus of $21.69 billion.

Shares last traded at $62.76, up 8 percent.

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Qualcomm (QCOM) Setting Itself Apart, Maintains Top Rating - Goldman SachsNovember 8, 2012 9:54 AM