NEW YORK (TheStreet) -- Shares of Qualcomm (QCOM) - Get Report are up 5.68% to $58.99 in after-hours trading on Wednesday after reporting 2016 third quarter earnings and revenue that topped analysts' expectations. 

After the market close, the chipmaker reported adjusted earnings of $1.16 per share, beating analysts' estimates of 97 cents per share.

Revenues increased 4% year-over-year to $6 billion for the most recent period and came in above analysts' projections of $5.8 billion.

"We are executing well on our strategic priorities, and we remain confident that our focused investments in 5G and other advanced technologies will create a strong foundation for long-term earnings growth," CEO Steve Mollenkopf said in a statement.

For the current quarter, Qualcomm expects to report earnings between $1.05 and $1.15 per share on revenues between $5.4 billion and $6.2 billion.

Analysts surveyed by Thomson Reuters are looking for earnings of $1.08 per share on $5.7 billion in revenues. 

(Qualcomm is held in David Peltier's Dividend Stock Advisor portfolio. See all of his holdings with a free trial.)

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C+.

Qualcomm's strengths such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.

You can view the full analysis from the report here: QCOM

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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