Giant chip designer Qualcomm (NASDAQ:QCOM) reported fourth-quarter revenues above analyst targets, but adjusted earnings came in slightly below Wall Street's. Reacting to the mixed report, Qualcomm shares fell 5% in early after-hours trading.

Total revenue jumped 33% year over year to $6.5 billion, edging out analyst targets set at $6.3 billion. Non-GAAP earnings took an 18% annualized leap to $1.05 per share, falling short of the $1.08 analyst target.

Qualcomm CEO Paul Jacobs sees LTE 4G installations in China driving sales growth over the next few years. "We expect continued strong growth of 3G and 3G/4G multimode devices around the world," he said. "Qualcomm remains well positioned from a growth standpoint, and we expect double-digit compound annual growth rates for both revenues and earnings per share over the next five years."

However, the shorter-term outlook for the next quarter was not overly impressive. The midpoint of Qualcomm's revenue guidance range stops at $6.6 billion, far short of the Street's $7.0 billion target. On the bottom line, analysts are looking for earnings of $1.29 per share, but Qualcomm's guidance tops out at just $1.20 per share, with a midpoint at $1.15. Jacobs did not explain the gap between his strong long-term view and soft next-quarter guidance. Expect tonight's analyst call to fill in some of the blanks.

You can access the full release here, alongside the slide deck for Qualcomm's earnings call.