Qualcomm Inc. (NASDAQ: QCOM) reported second-quarter fiscal 2017 results after markets closed on Wednesday. The chipmaker posted adjusted diluted earnings per share (EPS) of $1.34 and adjusted revenues of $6 billion. In the second quarter of 2016, Qualcomm reported EPS of $1.04 on revenues of $5.55 billion. The consensus analysts’ estimates called for EPS of $1.19 and $5.9 billion in revenue.

On a GAAP basis Qualcomm reported EPS of $0.50, including the company’s strategic initiatives segment and some share-based compensation, items related to acquisitions, tax and other items. Adjusted net income totaled $2 billion compared with $700 million in GAAP net income.

Qualcomm has been in the news most often recently due to a suit and countersuit related to royalty payments from Apple for Qualcomm’s patented technology.

Steve Mollenkopf, the company’s CEO, commented:

We will continue to protect the value of our technologies, which enables today’s robust mobile communications ecosystem, and invest in R&D that will drive the leading edge of mobile computing and connectivity for decades to come – focusing on areas where our technologies will have the most impact and generate the best returns. With our leading technology roadmap and pending acquisition of NXP, we are positioned to address a larger set of opportunities ahead than any other time in our history

During the quarter the company returned $782 million to shareholders in the form of dividends and $283 million in share repurchases. Qualcomm also raised its quarterly dividend by 7.5% from$0.53 per share to $0.57.

In its outlook for its third fiscal quarter, Qualcomm guided revenues in a current range of $5.3 to $6.1 billion compared with $6 billion actual in the third quarter a year ago. Adjusted EPS is forecast in a range of $0.90 to $1.15, compared with an actual total of $1.16 last year. Analysts were expecting third-quarter EPS of $1.10 on revenues of $5.95 billion.

Qualcomm did not provide full-year estimates, but analysts’ consensus full-year estimates call for EPS of $4.64 and revenues of $23.8 billion.

Shares closed at $52.61 Wednesday, down 0.1% for the day. In the after-hours session the stock traded up nearly 3% at $54.08 in a 52-week range of $50.11 to $71.62. The consensus price target was $64.74 ahead of the report.

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