Wireless chipmaker Qualcomm (NASDAQ:QCOM) will be reporting results tomorrow afternoon. Here's what investors should know.

Qualcomm beat analysts' revenue expectations by 4.4% last quarter, reporting revenues of $9.94 billion, up 5% year on year. It was a strong quarter for the company, with a significant improvement in its inventory levels and an impressive beat of analysts' EPS estimates.

Is Qualcomm a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Qualcomm's revenue to be flat year on year at $9.34 billion, improving from the 16.9% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.31 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Qualcomm has missed Wall Street's revenue estimates twice over the last two years.

Looking at Qualcomm's peers in the processors and graphics chips segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Lattice Semiconductor's revenues decreased 23.6% year on year, meeting analysts' expectations, and Intel reported revenues up 8.6%, in line with consensus estimates. Intel traded down 9.3% following the results.

Read our full analysis of Lattice Semiconductor's results here and Intel's results here.

Investors in the processors and graphics chips segment have had fairly steady hands going into earnings, with share prices down 1.1% on average over the last month. Qualcomm is down 1.2% during the same time and is heading into earnings with an average analyst price target of $175.2 (compared to the current share price of $169.71).

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