Qualcomm [NASDAQ:QCOM] today reported the best quarterly earnings in the company’s history. The company reported record profits of $1.91 billion on record revenues of $6.02 billion for 1Q 2013 (calendar 4Q 2012). This resulted in an EPS of $1.09 per share, higher than what analysts had predicted even with the higher than anticipated revenues. This growth represents an increase of 29% over the same period last year and 24 percent over the previous quarter in terms of revenue. Even more impressively, Qualcomm’s profit was up 36 percent year over year and 50 percent sequentially.

Building on that momentum, Qualcomm also saw increases in their MSM chip shipments, shipping 182 million units in the first quarter of the fiscal year 2013, up 17 percent year over year, and 29 percent sequentially. They also saw an unexpected increase in QTL revenues and margins as a result of more 3G and 3G/4G licensing revenues in the calendar 4Q as a result of more 3G and 3G/4G devices shipping than anticipated.

Qualcomm also increased their guidance for fiscal 2013, increasing their revenue guidance from $23-24 billion to 23.4-24.4 billion, an increase of $400 million. They also expect non-GAAP diluted EPS to be up from $4.12-$4.32 to $4.25-$4.45. Based on this alone, many investors are likely to continue to buy into Qualcomm’s already solidly growing stock.

Qualcomm has clearly indicated to the market that their position in the market remained mostly unchallenged in the market, and likely does not see much competition going into 2013. With Intel and AMD reporting lower revenues and income, Qualcomm is bucking the semiconductor trend as a result of their current position in the smartphone market.

Additionally, Qualcomm is spending a lot of time and money on developing the emerging markets to make sure that their chips and QRDs are being implemented in countries like China and India, where the most growth is possible. Additionally, Qualcomm has found themselves in a slew of operating systems with their applications processors shipping in Windows 8, Windows Phone 8, Android and now (as of today) BlackBerry OS 10. Although Qualcomm’s MSM8960 will be shipping in BlackBerry devices, these chips will only be present in the LTE versions of the Blackberry Z10.

While Qualcomm is not entirely seeing the fruits of being in Windows Phone 8 and Windows 8, we do believe that as the market matures and Qualcomm’s Windows support improves, they will likely see more and more shipments in these two operating systems. Windows Phone 8 is still struggling to get off the ground, but if Microsoft is able to get it going, Qualcomm stands to benefit the most from Microsoft’s success as they are the sold chip provider for Windows Phone 8.

Qualcomm’s stock is currently up 6.34% in trading on the news of the impeccable earnings and improved outlook