's (NASDAQ: QCOM) stock jumped 4% during after-hours trading on Nov. 1 after the chipmaker posted its latest earnings report. For the fourth quarter of fiscal 2023, which ended on Sept. 24, its revenue declined 24% year over year to $8.67 billion but exceeded analysts' expectations by $150 million. Its adjusted earnings fell 35% to $2.02 per share, but they also cleared the consensus forecast by $0.11.

Qualcomm's slowdown wasn't surprising, since it's still heavily exposed to the cyclical downturn in smartphone sales. But could this out-of-favor chip stock rally again over the next 12 months as the smartphone market stabilizes?

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Source Fool.com