Up, up and away is where Qualcomm is headed. At least, that's what it looked like yesterday after the company reported record revenue for its second fiscal quarter, and its shares rose 5 percent in after-hours trading.

Qualcomm Chairman and CEO Paul Jacobs said the company's revenue of $3.88 billion and its increased guidance for the year came as the demand for smartphones continues to grow. That growth is coming across an array of geographies and tiers.

As the first chipset provider for Windows Phone 7, Qualcomm was pleased to see Nokia adopting Phone 7 as its platform of choice, Jacobs said during a conference call with analysts.

Qualcomm estimates 646 million to 663 million CDMA-based devices shipped during calendar year 2010, an increase of about 29 percent year-over-year at the midpoint, and it doesn't anticipate demand for CDMA-based devices to be significantly affected by the tragic events in Japan.

Revenue was up 46 percent year-over-year and 16 percent sequentially. Operating income was $1.07 billion, up 38 percent year-over-year and down 3 percent sequentially. Net income was up, to $999 million, and down 15 percent sequentially.

Executives raised their average selling price (ASP) target for CDMA-based devices from $190 to $200 to a range of $199 to $209.

Besides continued smartphone growth, another significant development in the quarter was Qualcomm's ability to resolve a license dispute with Panasonic.

Qualcomm shares were up more than 3 percent at one point this morning, to $57.34.