Leading digital communications products provider Qualcomm, Inc. (NASDAQ: QCOM – $71.12) posted higher fiscal first-quarter revenue, but slightly missed expectations as smartphone growth shifted from developed economies to emerging markets. Earlier in the week, lower-than-expected holiday iPhone sales and anemic revenue forecast by Apple, renewed fears on Wall Street about Chinese demand and a tepid global market outlook. For the period, the chipmaker reported first-quarter revenue of $6.62 billion, up 10% from the year-ago period. Analysts on average had expected first-quarter revenue of $6.665 billion. Excluding special items, per-share earnings came in at $1.26, equal to a year ago but ahead of consensus estimates of $1.16. The company slightly raised its full-year forecast for earnings per share to a range of $5.00 to $5.20, from $4.95 to $5.15, essentially adjusting for first-quarter earnings that came in above the company’s own previous estimate. Wall Street estimates for fiscal 2014 are for an average of $5.08. The company anticipates total annual revenue of $26 – $27.5 billion vs. fiscal 2013’s $24.87 billion. At 14 times expected earnings, I believe the reasonably priced shares have solid long-term price appreciation potential as QCOM continues to rake in royalty fees and innovate in many new smartphone applications and wearable devices to monitor personal health and safety.