Qualcomm’s (QCOM) first-quarter profit slipped 2%, despite significant revenue growth for the chip maker.

After Wednesday’s closing bell, Qualcomm reported net income of $1.88 billion, compared to $1.9 billion in the same period a year earlier. Per-share earnings remained level at $1.09.

The latest period included a $665 million gain related to the sale of Omnitracs and a $444 million property, plant and equipment charge. Excluding one-time items, the company’s adjusted profit checked in at $1.26 a share, also even year-over-year and well above Wall Street calls for $1.18 a share.

Revenue climbed 10% to $6.62 billion, slightly below estimates for $6.68 billion.

Revenue derived from licensing fees was up 8.2% at $1.97 billion, while equipment and services sales rose 10.8% to $4.65 billion.

CEO Paul Jacobs said the company anticipates continued global growth in smartphones, adding that Qualcomm, whose chips are used in mobile devices from Apple (AAPL) and others, is well positioned in the chipset market.

Qualcomm provided an outlook for adjusted earnings of $1.15 to $1.25 a share and revenue of $6.1 billion to $6.7 billion. The company also raised its guidance for full-year adjusted earnings of $5 to $5.20 a share, a nickel higher on both ends of the range. Revenue for the fiscal year is projected to hit $26 billion to $27.5 billion.

Shares rose 2.9% to $73.15 in after-hours trading.

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