When do record revenues, beating analyst earnings estimates, and generating a 35% jump in operating income result in a 5% drop in share price? The mobile industry's chipmaking and licensing leader Qualcomm can tell you firsthand: Follow up positive financials with a distressing outlook for the established mobile-device market. Not good news for Qualcomm, but its high-end manufacturers, such as Apple and BlackBerry with its new Z10 and Q10 offerings, could really feel the pain. Quarterly recap Qualcomm's fiscal Q1 was impressive by most measures, compared with last year's Q1 and sequentially, its own forecasts for the quarter, and analyst expectations. As CEO Dr. Paul Jacobs put it, "We are pleased to announce record quarterly revenues." Jacobs also let investors know Qualcomm was pleased to raise its guidance for the balance of its fiscal year.