In the giving mood once again, San Diego wireless technology and chip supplier Qualcomm (NASDAQ:QCOM) updated its financial guidance for the coming fiscal fourth quarter, nudging revenue and profit expectations upward. Based on royalty reports from customers, Qualcomm now sees revenue landing at or slightly greater than the previously guided range of $2.15 billion to $2.25 billion.

Profits will be higher as well, as the company bumped up the range of pro forma diluted earnings per share from $0.48-$0.50 to $0.52-$0.53. GAAP profits will be boosted further, by $0.19 per share, thanks to tax benefits resulting from recent audits.

Qualcomm is still seeing strong sales of its chipset in markets around the world. In addition to the 67 million to 68 million chipsets the company expects to sell, Qualcomm now calculates that 92 million wireless devices based on its technology were sold, at an average wholesale price of $218 apiece, in the June calendar quarter. This should slightly soften royalty income counted in the September quarter, since the company previously anticipated an average selling price of $222.

While the market wasn't too impressed with Qualcomm's financial wrappings, the guidance is reassuring, especially given Broadcom's (NASDAQ:BRCM) success in banning some of its chipset products from importation. Qualcomm is also facing off with Nokia (NYSE:NOK) in front of the U.S. International Trade Commission (ITC), arguing that its Scandinavian rival is violating some of its patents.

Amidst the flurry of legal proceedings, Qualcomm management continues to exude confidence in the company's future. The company noted that it has bought back $1.2 billion in shares so far this quarter, taking advantage of the risk-discounted shares to return value to shareholders.

And with workarounds, alternatives, and a partial court victory largely circumventing the Broadcom ban -- allowing major carriers AT&T (NYSE:T), Sprint Nextel (NYSE:S), and Verizon Wireless, a joint venture between Verizon Communications (NYSE:VZ) and Vodafone, to continue shipping the latest phones -- it looks like Qualcomm will have a strong finish to this year.

Qualcomm's gift to shareholders could really use a big, fat bow, though, in the form of settled licensing disputes with Broadcom and Nokia. Otherwise, there's a risk that the possibility of fewer future design wins with chipset customers such as Motorola (NYSE:MOT) could take away some of the cash flow Qualcomm is giving back to shareholders.

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Fool contributor Dave Mock is OK with selfless giving until the topic of sharing his Legos collection comes up. He owns shares of Motorola and Qualcomm and is the author of The Qualcomm Equation. Vodafone is a Motley Fool Inside Value recommendation. The Fool's disclosure policy will never buy you a present that it was really eyeing for itself.