Facebook Inc (NASDAQ:FB) and Qualcomm, Inc. (NASDAQ:QCOM) are both set to reveal their earnings numbers for the three months through June this afternoon, Wednesday July 23, after the market closes on Wall Street.

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The companies are both following in solid footsteps with Google Inc (NASDAQ:GOOG) showing the online ad market was working well in the quarter and Apple Inc. (NASDAQ:AAPL), which accounts for 15% of Qualcomm, Inc. (NASDAQ:QCOM) sales, showing good numbers for the period. Here’s a look at what to expect, and what to look out for in the reports:

Qualcomm earnings preview

Qualcomm, Inc. (NASDAQ:QCOM) has strung together a great couple of years as the smartphone and tablet revolution took hold of the world. The company’s range of chips are used in all manner of mobile devices, but its relationship with Apple Inc. (NASDAQ:AAPL), for whom it makes baseband chips, is its most important. In the same three months of last year Qualcomm managed to earn $1.03 on revenue totaling $6.2 billion.

What to expect: Analysts following the chip maker are looking for earnings of $1.21 per share from the quarter, which Qualcomm Inc. (NASDAQ:QCOM) refers to as its third of fiscal 2014. The company’s revenue is expected to come in at $6.5 billion according to the same consensus numbers. The numbers were gathered from a Businessweek survey of 33 analysts following the company.

What to watch out for: Rumors earlier this year suggested that Apple Inc. (NASDAQ:AAPL) was going to develop its own baseband chip and cut Qualcomm, Inc. (NASDAQ:QCOM) out of its business completely. If that is going to happen this year, however unlikely it may be, the company’s guidance will reflect the change.

Another key trend at the company, which may be more prevalent in the conference call due at 5:45 PM EDT, is its mix of LTE chips versus the less profitable 3G flavor. Chinese customers are becoming increasingly interested in the phones with LTE capability, and the Qualcomm, Inc. (NASDAQ:QCOM) comments on the likely mix going ahead will guide share movement after its earnings release.

Facebook earnings preview

Facebook Inc (NASDAQ:FB) has been the best performing stock on the S&P 500 so far this year, and analysts are expecting a lot from its second quarter of fiscal 2014. In the same three months of last year the company managed to earn 19 cents per share on revenue of $1.8 billion.

What to expect: Analysts are looking for Facebook Inc (NASDAQ:FB) to show earnings of 32 cents per share in this afternoon’s earnings report by consensus. Revenue for the period is expected to come in at around $2.8 billion.

What to watch out for: Mobile is the most important business at Facebook Inc (NASDAQ:FB), and any change in the mobile-desktop mix outside of expectations may be enough to shift the company’s stock in aftermarket trading. Analysts are expecting that number to come in at somewhere in the 60-64% range. More mobile, without a change in headline numbers, is a good sign for Facebook Inc (NASDAQ:FB).

Other important trends to watch for in the company’s report include the traction of the company’s video advertising platform, which could be a key competitor to Google Inc (NASDAQ:GOOG) property YouTube if it catches on, as well as the company’s success in advertising on Instagram and other monetization light parts of its business.

Facebook has an incredible opportunity to compete with Google Inc (NASDAQ:GOOG) for a leader’s position in the digital marketing world, and this afternoon’s earnings report will give traders a chance to measure its success. With the high valuation weighing on the company, expect trading of the company’s shares to be volatile if it steps outside the guidance numbers after the market closes this afternoon.