Qualcomm ( QCOM) beat targets but pegged guidance below Wall Street estimates.The San Diego wireless tech shop posted a fiscal fourth quarter pro forma profit of 54 cents a share, up from 42 cents in the year-ago quarter. For fiscal 2007, Qualcomm recorded adjusted earnings of $2.01 a share, up 22% over the $1.64 profit last year. Analysts were looking for quarterly pro forma earnings of 53 cents a share and a fiscal profit of $2, according to Yahoo Finance. Sales for the quarter were $2.31 billion, which is down slightly from the prior quarter, but up 15% from the year-ago level. For the year, sales hit $8.87 billion, an 18% increase over last year. Analysts expected fiscal fourth-quarter sales of $2.26 billion and $8.83 billion for the year. "We delivered another record performance in fiscal 2007 because our employees and partners continue to provide industry leading innovative wireless products and services," CEO Paul Jacobs said in a press release. Looking ahead, Qualcomm expects to earn 51 cents a share on sales of $2.35 billion in the fiscal first quarter. For the year, Qualcomm guided for adjusted profit of $2.06 cents a share on $9.75 billion in revenue. Analysts were looking for an adjusted first-quarter profit of 52 cents and $2.18 a share for the fiscal year. And the company expects sales to be $2.38 billion in the current quarter and $9.84 billion for the year.