Qualcomm Inc.(NASDAQ: QCOM)  shares rose more than 5% in after-hours trading on wednesday as it reports its second quarter results as follows :

Profit of $999 million, or 59 cents a share, compared with a profit of $774 million, or 46 cents a share, for the year-earlier period. Adjusted profit was 86 cents a share. Analysts' expectations were earnings of 80 cents a share and revenue of $ 3.62 billion.

Guidance for current quarter will be a revenue of $3.35 billion ( Adjusted earning 68 cents) to $3.65 billion ( Adjusted earning 72 cents).

Qualcomm has raised their revenue and earning guidance for the year 2011 as demand of smart phones will be stronger.