Despite trading above $180 in the first week of January, shares of tech titan Qualcomm Inc (NASDAQ: QCOM) now sit just above $140. The stock has effectively round-tripped two years of progress and is back to the same price it was at in 2020. For long-term holders, it’s been a frustrating and bruising ride to say the least.
Making it all the worse is that the narrative seems to have grown only weaker in recent weeks. Less-than-ideal guidance in the company’s Q1 numbers earlier this month added fuel to the fire, reinforcing concerns about the smartphone cycle and Qualcomm’s ability to generate meaningful growth beyond it. Investors who have been burned before by previous false starts appear to have finally lost patience, and it’s hard to blame them.
