Wireless chip maker Qualcomm raised its fiscal second-quarter guidance Thursday, sending shares sharply higher.

The company said both its licensing and chip businesses are doing better than expected.

Qualcomm now expects earnings of 42 cents to 44 cents per share for the quarter ending March 28, up from earlier guidance of 35 cents to 39 cents per share.

Qualcomm expects adjusted earnings of 56 cents to 58 cents per share, up from 49 cents to 53 cents. That tops Wall Street expectations of about 53 cents per share.

The company also raised its revenue outlook $2.55 billion to $2.65 billion from its prior guidance range of $2.4 to $2.6 billion. Analysts were expecting $2.58 billion.

Shares of Qualcomm Inc. rose $3.34, or 8.3 percent, to $43.53 in morning trading. The stock has traded in the 52-week range of $35.46 and $49.80.