Qualcomm Inc. (NASDAQ: QCOM) is managing to escape its Apple-woes, which were present before Wednesday’s earnings report. The mobile processor leader said that net income was down marginally to $1.88 billion in its first fiscal quarter, while earnings per share came in at $1.26 on an adjusted basis. Revenue rose almost 10% to $6.62 billion. Thomson Reuters was calling for earnings of $1.18 per share on $6.67 billion in revenue.

Qualcomm also gave guidance for the coming quarter of $1.15 to $1.25 in earnings per share on $6.1 to $6.7 billion. Thomson Reuters has estimates of $1.26 per share on $6.72 billion in revenue. The mobile chip giant showed 2014 guidance of $5.00 to $5.20 per share on revenues of $26.0 to $27.5 billion for all of 2014. The consensus estimates are $5.08 in earnings per share on $27.06 billion.

Research and development expenses were 17% of revenues at $1.152 billion, up 21% from the prior year in raw dollars and compared to 16% of revenues a year ago as well.

Cash and equivalents rose to $31.6 billion at the end of its first quarter. The company also spent $1 billion buying back 14.2 million shares of stock during the quarter. MSM chip shipments rose 17% year over year and rose 12% sequentially to 213 million units.

Wall Street is taking the guidance as though it is sand-bagged, although the guidance is up slightly for the year from its prior targets. The stock was down 1.2% at $71.12 ahead of earnings at the 4:00 p.m. closing bell, and the after-hours reaction has shares up 2.7% at $73.05 after the report.

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