NEW YORK ( TheStreet) -- Without question, the pursuit for mobile device supremacy is the hottest battle on the market today. As rivals such as Apple ( AAPL) and Google ( GOOG) fight to put each other out of business, there are also chip companies such as Qualcomm ( QCOM) looking to dominate form factors with each device launch.However, with each passing quarter, it's evident that Qualcomm is winning its "internal" battles by a greater margin over Intel ( INTC), than say, Samsung is outgaining Apple in units sold. This means that so long as the mobile devices race continues, Qualcomm is the surest bet in this unreliable sector. And if Q1 earnings were any indication, this chip giant is not done rewarding investors. The company was coming off an excellent Q4 during which profits surged 20% and revenue advanced 18%. But Qualcomm managed to blow these numbers away. For the period ending in December, the chip giant posted net income of $1.91 billion, up 36% year-over-year and 50% sequentially. Revenue rose 29% year-over-year to $6.02 billion. This was good enough for a 24% sequential improvement. Likewise, EPS was impressive, arriving at $1.09 per share, up 35% year-over-year and 49% sequentially. Chip revenue rose 34% with no change in shipments and ASPs (average selling prices.) There was a 22% increase in license revenue with a 6% increase in ASPs. However, the most impressive aspect was, aside from dominating chip sales, Qualcomm also made more money during the quarter. Not only did gross margins advance by 20 basis points, but it bested Street estimates by more than one point.
By contrast, Texas Instruments ( TXN) just posted revenue of $2.98 billion -- down 12% sequentially and down 13% year-over-year. Worse, this marked the fifth consecutive quarter of declining revenue. And the company is not expecting much sequential improvement as it issued revenue guidance that represents 6% decline. This means that Texas Instruments expects to continue to lose market share not only from Qualcomm, but also Intel, which seems to be on a verge of a comeback after posing Q4 revenue of $13.477 billion that just barely missed estimates by less than 1%. Considering Intel's recent seemingly dysfunctional operation, this qualified as a win.