's (NASDAQ: QCOM) stock price sank 7% during after-hours trading on Wednesday, Aug. 2, following the mobile chipmaker's latest earnings report. For the third quarter of fiscal 2023 (ended June 25), its revenue dropped 23% year over year to $8.44 billion and missed analysts' estimates by $70 million. Its adjusted earnings also fell 37% to $1.87 per share but cleared the consensus forecast by $0.06 per share.
Qualcomm's declines weren't surprising given it's heavily exposed to the cyclical slowdown of the smartphone market. But should investors consider picking up some shares of this unloved chipmaker before the smartphone market recovers?
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Source Fool.com