Multimodal Large Language Models excel at offline audio-visual understanding, but their ability to serve as mobile assistants in continuous real-world streams remains underexplored. In daily phone use, mobile assistants must track streaming audio-visual inputs and respond at the right time, yet existing benchmarks are often restricted to multiple-choice questions or use shorter videos. In this paper, we introduce PhoStream, the first mobile-centric streaming benchmark that unifies on-screen and off-screen scenarios to evaluate video, audio, and temporal reasoning. PhoStream contains 5,572 open-ended QA pairs from 578 videos across 4 scenarios and 10 capabilities. We build it with an Automated Generative Pipeline backed by rigorous human verification, and evaluate models using a realistic Online Inference Pipeline and LLM-as-a-Judge evaluation for open-ended responses. Experiments reveal a temporal asymmetry in LLM-judged scores (0-100): models perform well on Instant and Backward tasks (Gemini 3 Pro exceeds 80), but drop sharply on Forward tasks (16.40), largely due to early responses before the required visual and audio cues appear. This highlights a fundamental limitation: current MLLMs struggle to decide when to speak, not just what to say. Code and datasets used in this work will be made publicly accessible at https://github.com/Lucky-Lance/PhoStream.