Qualcomm (NASDAQ: QCOM) posted its latest earnings report on Feb. 2. In the first quarter of fiscal 2023, which ended on Dec. 25, the chipmaker's adjusted revenue dropped 12% year over year to $9.46 billion and missed analysts' expectations by $110 million. Its adjusted net income fell 27% to $2.68 billion, or $2.37 per share, but topped estimates by two cents.

Qualcomm clearly faces a cyclical slowdown along with the broader semiconductor sector, but its stock has already dropped nearly 30% over the past 12 months. It also looks cheap at just 13 times forward earnings and pays a decent forward dividend yield of 2.2%. Could this out-of-favor tech stock recover by the end of 2023?

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Source Fool.com