Qualcomm Inc. (NASDAQ: QCOM) reported first fiscal quarter 2017 results after markets closed on Wednesday. The chipmaker posted adjusted diluted earnings per share (EPS) of $1.19 and revenues of $6 billion. In the first quarter of 2016, Qualcomm reported EPS of $0.97 on revenues of $5.8 billion. The consensus analysts’ estimates called for EPS of $1.18 and $6.12 billion in revenue.

On a GAAP basis Qualcomm reported EPS of $0.46, including the company’s strategic initiatives segment and some share-based compensation, items related to acquisitions, tax and other items. Adjusted net income totaled $1.8 billion compared with $700 million in GAAP net income.

Steve Mollenkopf, the company’s CEO, had this to say about the realignment:

We are pleased with the strong start to our fiscal year and the year-over-year earnings growth across both our semiconductor and licensing businesses. Looking ahead, the pending NXP acquisition accelerates our strategic transformation in the high growth areas of automotive, IoT, security and networking. We are very well positioned to lead as the semiconductor engine for the intelligent, connected world.

Mollenkopf also commented on the legal battle that has erupted with Apple:

[T]he recent legal and governmental actions against Qualcomm are at their core driven by commercial disputes. As we have done in the past, we will vigorously defend our business model and the value of a portfolio of technologies that has been so instrumental to the success of the mobile communications industry.

During the quarter the company returned $783 million to shareholders in the form of dividends and $1.2 billion in share repurchases. The quarterly dividend is $0.53 per share.

In its outlook for its second fiscal quarter, Qualcomm guided revenues in a current range of $5.5 to $6.3 billion compared with $5.6 billion actual in the second quarter a year ago. Adjusted EPS is forecast in a range of $1.15 to $1.25, compared with an actual total of $1.04 last year. Analysts were expecting second-quarter EPS of $1.20 on revenues of $5.9 billion.

Qualcomm did not provide full-year estimates, but analysts’ consensus full year estimates call for EPS of $4.07 and revenues of $22.6 billion.

Shares closed at $56.90 Wednesday, up 3.5% for the day. In the after-hours session the stock traded down about 1.3% at $56.14 in a 52-week range of $42.24 to $71.62. The consensus price target was $69.46 ahead of the report.

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