Qualcomm ( QCOM) beat both the bottom and top-line targets on solid chip sales but failed to provide a dazzling business forecast.

The San Diego wireless tech shop posted earnings, excluding one-time items, of 54 cents a share. That's nearly in line with the pro forma profit of 55 cents the company posted in the year-ago period. The adjusted profit was 2 cents better than analysts expected, according to Yahoo! Finance.

Sales for the quarter ended last month were $2.75 billion, which also is flat compared with $2.76 billion a year earlier. Analysts expected sales of $2.73 billion.

Qualcomm updated its fiscal third quarter outlook with a tepid upward revision last month.

Looking ahead, Qualcomm said low chip inventory and strong demand should put some wind in its sails. Qualcomm sells chips to mobile phone makers like Nokia ( NOK), Motorola ( MOT), Samsung and collects licensing fees or royalties from nearly all the major wireless device makers.

"Despite the global economic uncertainty, we anticipate another strong quarter for our chipset shipments in the fourth fiscal quarter," CEO Paul Jacobs said in a press release Wednesday. "We are raising our fiscal 2009 revenue and operating income estimates given the strong underlying fundamentals of our business."

Qualcomm says it expects sales in its fiscal fourth quarter ending in September to be about $2.65 billion, that is down 18% from year-ago levels and below the $2.73 billion target analysts are holding. The low guidance is typical of Qualcomm, which often updates the forecast later in the quarter.

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