Qualcomm's (NASDAQ: QCOM) already-bad stock performance in 2022 just got worse. In spite of a solid conclusion to its fiscal year, the market instead decided to focus on a gloomy near-term outlook for the smartphone industry. Qualcomm's growth is taking a breather after the surge it experienced over the last few years, and many investors concluded shares aren't worth owning right now.

But that could be a big mistake. When Qualcomm gave its last earnings update on Nov. 2, the weak smartphone market was no grand revelation. Also, the market seems to be ignoring the clear growth drivers this leading chip designer still has.

With Qualcomm shares trading on the cheap, it's time to buy again.

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Source Fool.com