San Diego, California-based semiconductor and wireless telecommunications maker Qualcomm Inc (NASDAQ:QCOM) is set to issue third-quarter fiscal 2023 earnings on Wednesday after the closing bell, here's what investors need to know.

Earnings, By The numbers: Investors expect Qualcomm to issue earnings of $1.81 per share on revenues of $8.51 billion. Last year in the same period, the company issued earnings of $2.96 per share on revenues of $10.93 billion, according to Benzinga Pro.

Expectations — in comparison to last year — remain relatively low amid recent headwinds in the global smartphone market, which saw a 13% dip in shipments in the first quarter, according to Canalys.

However, JPMorgan analysts are projecting a brighter outlook, citing early signs of a recovery in the smartphone sector, resulting in the expectation of stronger performance.

Read also: AMD Q2 Earnings Preview: Analysts Expect Transitional Quarter Leading To AI-Powered Q4 Recovery

The QCOM Analyst: Samik Chatterjee noted “very early signs” of recovery in the global smartphone market, citing the performance of Qualcomm's peers, MediaTek Inc (OTC:MDTKF), and smartphone supplier Amphenol Corporation (NYSE:APH).

Chatterjee maintained his "favorable view" of Qualcomm, despite concerns of chip excess and a potential decrease in chip prices that could hurt gross margins, adding that the company’s performance is set to outperform investor expectations. 

QCOM Price action: Shares of Qualcomm are trading 0.63% lower to $131.45 at the time of publication on Tuesday, according to data from Benzinga Pro.