Qualcomm CEO Steve Mollenkopf, speaking at his inauguration. Source: Qualcomm.

Shares of communications semiconductor giant Qualcomm (NASDAQ:QCOM) fell as much as 5% in Wednesday's after-hours trading, following the release of solid third-quarter 2014 results.

Third-quarter sales rose 9% year over year, stopping at $6.8 billion. Analysts would have settled for $6.5 billion.

Qualcomm's CDMA technologies division saw its sales rise by 17% year-over-year, yielding 51% higher operating income. In the technology licensing segment, sales fell 3% while operating profits declined by 5%.

On the bottom line, adjusted earnings jumped 40% higher, landing on $1.44 per diluted share. Here, analysts were looking for only $1.22 per share.

Looking ahead, Qualcomm set fourth-quarter revenue and earnings targets slightly below current analyst estimates. However, full-year guidance figures saw a slight boost and are in line with or above the current Street view.

"We are pleased to report another record quarter with revenues, earnings per share and chip shipments reaching all-time highs," said Qualcomm CEO Steve Mollenkopf in a prepared statement. "Although we have lowered our near-term financial outlook for the licensing business, we are pleased to be raising our fiscal year earnings per share guidance on better-than-expected performance in our semiconductor business."