Qualcomm's (NASDAQ: QCOM) stock tumbled nearly 8% during after-hours trading on Nov. 2 in response to its latest earnings report. For the fourth quarter of fiscal 2022, which ended on Sept. 25, the chipmaker's non-GAAP revenue rose 22% year-over-year to $11.39 billion, which beat analysts' estimates by $40 million. Its adjusted earnings increased 23% to $3.13 per share, which matched the consensus forecast.
Qualcomm's growth rates seem robust, but they represent a significant deceleration from previous quarters. The company's downbeat outlook for the upcoming fiscal year also shattered investors' hopes for a quick recovery. Let's take a closer look at Qualcomm's slowdown, its near-term challenges, and whether or not it's still worth buying in this rough market for semiconductor stocks.
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