Qualcomm is riding its Snapdragon wagon straight to the bank, recording what it called a record fiscal first quarter, 2012 with $1.55 billion in income on $4.68 billion in total revenue. That's a 24 percent increase in profits compared to a year ago, and this quarter also includes adjustments made after Qualcomm "discontinued operations" of its FLO TV business after AT&T completed its purchase of that spectrum in December.

Qualcomm says that it believes that next quarter, and indeed the next year, is also going to be better than expected: "We are raising our revenue and earnings guidance as our broad licensing partnerships and extensive chipset roadmap, led by our integrated Snapdragon processors," said CEO Paul E. Jacobs.

The company also appears to be well-positioned to execute on its plans to ship more 3G and 4G chips on an expanding array of devices, as it has $22 billion in cash and cash-equivalents on hand. Qualcomm shipped 156 million MSM processors, which is up 32 percent over last year.