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Qualcomm to raise prices by double digits on higher costs
The increases will apply to products shipped after September 1, and the company cited rising supplier costs that it could no longer absorb.
Qualcomm has told customers it plans to raise prices by a percentage in the double digits due to rising costs, Bloomberg News reported on Friday, citing a letter sent to clients.
According to the report, the price hike will take effect for Qualcomm products shipped after September 1.
The company said it could no longer absorb higher supplier costs and has sought alternative components from new suppliers, the report added.
Reuters noted Qualcomm did not immediately respond to a request for comment, and said the shares were trading down more than 1% as the company faces pressure in the smartphone market amid a memory chip shortage and shifting investment toward AI infrastructure.