Qualcomm is expected to post modest earnings growth when it reports second-quarter results after the market closes Wednesday. Analysts polled by Thomson Reuters expect Qualcomm to report earnings per share excluding items of $1.33 for fiscal Q2 ended March 29, up 1.5% from the year-earlier quarter. Revenue is seen increasing 7.3% to $6.83 billion.

Qualcomm's revenue guidance for Q2 is $6.5 billion to $7.1 billion, up 7% year to year at the midpoint.

Cowen analyst Timothy Arcuri said in a research report Tuesday that he expects little change to 2015 guidance, "but sees potential for new cost-reduction efforts that could add another 2016 tailwind."

The San Diego-based chipmaker on Feb. 9 announced it reached a resolution with China's government to pay a $975 million fine and meet certain licensing requirements to settle a 14-month investigation into its business practices. Qualcomm CEO Steve Mollenkopf said "the resolution has removed the uncertainty surrounding our business in China."

The agreement with China's National Development and Reform Commission prompted Qualcomm to raise its financial outlook for the fiscal year ending on or near Sept. 27 to a revenue range of $26.3 billion to $28 billion, down 2.9% to up 3.3% year to year, from its prior range of $26 billion to $28 billion. It forecast earnings per share excluding one-time costs of $4.85 to $5.05 (up from its prior guidance of $4.75 to $5.05), down 7.9% to 4.2%, excluding the Chinese fine.

Analysts had modeled on EPS minus items of $5, up 5% year over year, and a 2.7% increase in revenue to $27.2 billion for fiscal 2015.

Qualcomm earns two-thirds of its revenue from selling chips for smartphones and other mobile devices. That includes processors and wireless modems that communicate using fourth-generation (4G) cellular technology. Two-thirds of Qualcomm's profit come from royalties paid by handset makers using its patents.

Arcuri said he expects Qualcomm management Wednesday could provide updates on China licensing progress after the resolution with China regulators, royalty collection and "commentary on 2015 China LTE mix, market share and total addressable market growth."

Qualcomm on April 17 responded to activist investor Jana Partners, which had asked Qualcomm to consider splitting its patent-licensing business from the chip unit and do other things to increase its stock price.

"Our board of directors and management periodically review our corporate structure," Qualcomm said in a press release. "Prior reviews have concluded that the synergies provided by our business model create more value for stockholders than could be created through alternative corporate structures. We will continue to evaluate opportunities to enhance stockholder value."

A report Monday by the tech website re/code said Qualcomm plans to have its next-generation Snapdragon 820 processor manufactured at Samsung's chipmaking plants, citing unnamed sources.

"Historically, Qualcomm has manufactured its leading-edge chips largely at contract chipmaker Taiwan Semiconductor Manufacturing Co. as well as other foundries," re/code reported. "However, Samsung has had an edge over TSMC and other chip plants because it is cranking out chips using thinner 14-nanometer wiring compared with 20-nanometer transistors at TSMC. All other things being equal, thinner wires mean smaller and less costly chips as well as better battery performance."