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.

For more Foolishness:

Sprint Nextel was selected by the Motley Fool Inside Value team for its turnaround prospects. Take a free 30-day trial to see the full list of recommended companies.

Fool contributor Dave Mock can be taught new tricks with the proper motivation. He owns shares of Motorola and Qualcomm and is the author of The Qualcomm Equation. The Fool's disclosure policy does windows, too.