's (NASDAQ: QCOM) stock fell 6% on May 4 after the mobile chipmaker posted its latest earnings report. For the second quarter of fiscal 2023, which ended on March 26, its revenue declined 17% year over year to $9.27 billion, but beat analysts' expectations by $148 million. However, its adjusted earnings dropped 33% to $2.15 per share and missed the consensus forecast by $0.01 per share.

Qualcomm's gloomy numbers weren't surprising, since the entire semiconductor sector is currently grappling with a cyclical slowdown, but the stock's 20% decline over the past 12 months already reflects a lot of that pessimism. Could this out-of-favor chip stock finally attract some value-seeking investors and bounce back over the next 12 months?

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Source Fool.com