Bloomberg said a customer letter cited higher costs that Qualcomm can no longer absorb, with the increase set to apply to products shipped after Sept. 1 as the company faces pressure in smartphones.
Qualcomm told customers it will raise product prices by a double-digit percentage because it can no longer absorb higher supplier costs, Bloomberg reported on July 24, citing a letter sent to clients. The increase is set to take effect for products shipped after Sept. 1, the report said. Qualcomm also told customers it had sought alternative components from new suppliers. The reported move comes as the company faces mounting pressure in the smartphone market amid a memory chip shortage and as investment shifts toward AI infrastructure. Qualcomm shares were down more than 1% after the report, and the company is scheduled to report third-quarter results on July 29.