In the weeks leading up to Qualcomm's (NASDAQ: QCOM) latest earnings report, the stock had begun to tick up -- likely on AI hype as the company starts to design chips for on-smartphone and on-PC artificial intelligence (AI) inference. But that's a longer-term development. Right now, this story is all about the ugly smartphone market, something that many investors seem to have forgotten.

Qualcomm stock sank back to where it was a few weeks ago after confirming what it already said investors should have been expecting. But does that mean it's time to sell Qualcomm stock? Maybe not.

For the fiscal 2023 third quarter (ended June 25), Qualcomm reported revenue, earnings per share (EPS), and adjusted EPS within the range of its own guidance laid out a few months ago. Revenue was down 23% year over year to $8.45 billion. EPS handily exceeded guidance at $1.60, down 51% from last year. Adjusted EPS was near the high end of guidance at $1.87, down 37% year over year.

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Source Fool.com