Shares of (NASDAQ: QCOM) have enjoyed healthy gains of over 20% year to date, despite dropping 20% from the 52-week high it hit on June 18.

However, there is a good chance this semiconductor stock could come out of this slump when it releases its fiscal 2024 third-quarter results on July 31. Let's see why that may be the case.

Qualcomm released its fiscal 2024 second-quarter results (for the three months ended March 24) on May 1. The company's top line was flat on a year-over-year basis at $9.4 billion. Revenue from the handset business was also flat on a year-over-year basis at $6.2 billion. So, Qualcomm generates nearly two-thirds of its revenue from selling smartphone chips, which means its fortunes are tied to the health of this market.

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Source Fool.com