After the FQ4 report back in November, Qualcomm (QCOM) guided to a FQ1 EPS of only $0.80 to $0.90. The stock tanked due a previous consensus of $1.08. The company ended up reporting $0.97 for the quarter. Sure the final number was far below the original estimate, but Qualcomm wasn't even in the ball park with the estimate. Now, the company has done it again. After easily beating FQ1 estimates, Qualcomm turns around and guides towards $0.90 to $1.00 for FQ2. The high-end number is slightly below the $1.02 analyst estimate. The key though is that the company is providing an estimate to where the typical quarterly beat would actually lead to Qualcomm beating the current analyst estimate. The company is in a tough wireless market, but investors should pay more attention to the value and not the typical low-ball guidance. Disclosure: Long QCOM