The big story developing around the global semiconductor market for 2023 is a decline in the first half of the year, followed by a rebound in the second half. Many companies, including those focused on PCs and data centers, have confirmed as much in their financial outlooks provided during first-quarter 2023 earnings calls.

But a second-half comeback may not be in the game plan over at leading mobile chip designer Qualcomm (NASDAQ: QCOM). The smartphone market keeps worsening, and Qualcomm management said excess inventory needs more time to be sold off. The good news is that Qualcomm stock is cheap by several metrics. Is it still a good value in light of this updated information?

First are the headline numbers from Qualcomm's Q2 fiscal 2023 (the three months ending in March 2023). Revenue was $9.28 billion, near the high end of guidance provided a few months ago but, nevertheless, down 17% from last year. And as with any business tied to cyclical manufacturing, profit was down even more as sales took a slide. Earnings per share (EPS) fell 41% year over year, or 33% on an adjusted basis. EPS came in right in the middle of the guidance management provided.

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Source Fool.com