Guy Adami: Qualcomm Should Run to $60

Shares of Qualcomm climbed in extended trade after the wireless chip supplier reported quarterly revenue that beat analyst expectations on strong demand for cellphones.

As you may know, Qualcomm chips are inside Apple's iPhone and more than half of all new smartphones based on Google rival Android operating system.

By the numbers Qualcomm on Wednesday posted net earnings of $999 million million, or 59 cents per share for its second quarter ended March 27 compared with a profit of $989 million, or 46 cents per share in the year-ago quarter.

Revenue rose to $3.88 billion from $2.66 billion in the same quarter the year before and was ahead of analyst expectations for $3.6 billion, according to Thomson Reuters.

Also, the company raised its guidance for the current quarter, and its shares rose $2.73, or 5 percent, to $58 in extended trading, after the results were reported.

How should you position, now?

Trader Guy Adami believes the stock has put in a short term bottom. "I think it wants to take out that $60 level."

"In a world where smart phones are becoming more of a mass market play," Tim Seymour thinks Qualcomm is attractive. "Today's numbers were blow-out and their guidance was also impressive."

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CNBC.com with wires.