Wireless titan Qualcomm (Nasdaq: QCOM) showed Wall Street some grit yesterday, releasing fiscal-first-quarter earnings that once again cleared a high bar set by analysts and gave the stock a nearly 10% boost this morning. The results didn't blow anybody's socks off (at least, I don't think they did), but in the current market environment just showing continued solid growth earns a big happy face from investors.

Qualcomm posted revenues of $2.44 billion, up 21% from last year on the increase of chipset sales and license royalties. Qualcomm's technology licensing division drew in $650 million this quarter, a level 8% higher than last year despite the absence of royalties from top handset maker Nokia (NYSE: NOK).

While the bottom line came in just shy of what the average analyst had hoped for, Qualcomm still reported an 18% increase in GAAP net income of $767 million. With the strong earnings, Qualcomm's cash position now stands at $11.3 billion. This amount is down slightly as the company pays out a dividend and continues to buy back shares, including $668 million paid to retire 17.7 million shares in the last few weeks.

So while Qualcomm continues to grapple with bans and lawsuits brought on by Broadcom (Nasdaq: BRCM), the company has demonstrated an ability to keep its core business on track and keep pace with good progress at competitor Texas Instruments (NYSE: TXN). And unlike many other firms that are giving grim outlooks, Qualcomm projects continued growth in its business by essentially reaffirming previous guidance for fiscal 2008.

Another bright spot -- outside of the earnings report -- came earlier in the day when Motorola (NYSE: MOT) disclosed an expanded relationship with the company that will mean more advanced Qualcomm chipsets in Motorola phones. I had previously placed some risk on Qualcomm's supply relationship with Motorola, and even though Motorola is struggling to turn its device business around, the pact is welcome news.

If I had to choose one word to characterize Qualcomm at this point, it would be "resilient." The company continues to hold its own in a tough environment, which bodes well for its future.

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