Shares of Qualcomm Incorporated ($QCOM) have recently struggled, closing at $182.97 on July 7, 2026, down 1.88% from the previous day and underperforming broader market indexes. Over the past month, $QCOM has declined by over 14%, contrasting with modest gains in the Computer and Technology sector and the S&P 500. This softness comes ahead of Qualcomm’s anticipated earnings report, where analysts expect a notable 20% drop in earnings per share to $2.21 and a revenue decline of about 6.5% year-over-year. For the full year, earnings and revenue are also forecasted to fall, signaling challenges in the company’s near-term outlook. Despite this, Qualcomm trades at a forward price-to-earnings ratio significantly below its industry average, suggesting it may be undervalued relative to peers. However, its PEG ratio indicates slower expected growth compared to the semiconductor sector overall.
Adding to the cautious sentiment, investment firm Citi placed Qualcomm on a downside catalyst watch due to concerns about weakening smartphone unit sales, a key driver for the chipmaker. This contrasts with a more optimistic outlook on peers like Micron Technology, which is benefiting from expected price increases in memory chips. Still, $QCOM’s stock has shown some resilience, rising modestly alongside a broader tech rebound on July 6, when AI-related stocks helped lift major indexes. Historically, July has been a strong month for Qualcomm, with an average gain of over 4% in this period, though recent years have seen some back-to-back July declines. Investors will be watching closely as Qualcomm navigates these headwinds and prepares to report results that could set the tone for its performance in the second half of 2026.
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Stocks in the S&P 500 have historically delivered their strongest average monthly returns in July, making it a key period for investors to watch market trends and company earnings.
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