In spite of increasing demand for mobile chips and strong sales, Qualcomm missed analysts expectations for the last fiscal quarter.

Although Qualcomm reported a 17-percent jump in profit, the result was still weaker than expected. The company reported earnings of $4.63 billion (non-GAAP), while the street was expecting revenue in the region of $4.67 billion. Net income was $1.21 billion or 85 cents per share, or just one cent short of expectations.

Qualcomm CEO Paul Jacobs stressed that the company is on track to ease the Snapdragon shortage, but at the same time the company cut its fourth quarter outlook. Qualcomm is predicting $4.45 billion to $4.85 billion in revenue for the fourth quarter.

Qualcomm managed to ship 141 million MSM chips between March and June, up 18 percent year-over-year. Shipments of 3G/4G devices were in the 206 to 211 million range.

Although Qualcomm missed predictions, the company’s shares picked up more than 4.6 percent in after-hours trading on Wednesday.

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