Qualcomm (NASDAQ:QCOM), the world leader in chips targeted at mobile devices, is set to report its quarterly earnings on Jan. 29. With the shares just slightly off their 52-week highs, and at a fairly reasonable price/earnings multiple at just under 19 times earnings, Qualcomm looks like a classic growth at a reasonable price name that has pulled back a bit. That said, how the stock performs over the next quarter or so is likely to be driven largely by what is reported and said at the company's upcoming earnings call. 

The two principal drivers of Qualcomm's top and bottom lines are its chip business and its cellular patent licensing business. The former brings in the majority of the revenue while the latter makes up the majority of the profits. How will these two segments do this quarter, particularly in light of Apple's (NASDAQ:AAPL) less-than-stellar report? Join Evan Niu, CFA and Ashraf Eassa to find out why the answer may not be as obvious as it seems.