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QUALCOMM, Inc. (NASDAQ: QCOM) has been riding the smartphone wave for quite some time now. Its earnings report may be indicating that all trends either peak or need to take a breather before resuming. The company reported that sales rose 24% year over year and 2% sequentially to $6.12 billion as diluted non-GAAP earnings rose 17% year over year to $1.17 per share. Thomson Reuters had estimates of $6.07 billion in revenue and $1.16 in earnings per share. QUALCOMM also said that it shipped 173 million units, up 14% from a year ago and down 5% sequentially.

Guidance for the coming quarter is $5.8 to $6.3 billion in revenue and $0.97 to $1.05 in non-GAAP earnings per share. Thomson Reuters has estimates of $1.04 EPS and $5.88 billion in sales. QUALCOMM Is now projecting unit shipments growth of 16% to 23% or 163 to 173 million.

QUALCOMM’s cash and cash equivalents and marketable securities totaled $30.5 billion at the end of the second quarter of fiscal 2013, compared to $26.6 billion a year ago and $28.4 billion at the end of the first quarter of fiscal 2013.

Chairman and CEO Dr. Paul Jacobs said, “Looking forward, we are seeing strong traction with our new Qualcomm Snapdragon 600 and 800 processors, and we continue to expect healthy growth in 3G and 3G/4G multimode devices around the world.  We are pleased to be raising our calendar 2013 3G/4G device shipment estimates and our revenue and earnings guidance for fiscal 2013.”

QUALCOMM shares closed up 0.99% at $66.00 on Wednesday against a 52-week range of $53.09 to $68.50. The stock is down 5.1% at $62.50 in the after-hours indication.