July 24 (Reuters) ā Smartphone chipmaker Qualcomm has told customers it would raise prices by a percentage in the double digits due to rising costs, Bloomberg News reported on Friday, citing a letter sent to clients.
The San Diego, California-based company did not immediately respond to a Reuters request for comment. Its shares were trading down more than 1%.
Here are some details:
ā¢ The company sent the letter to customers on Friday, informing them that the price hike will go into effect for products shipped after September 1, the report said.
ā¢ Reuters could not independently verify the report.
ā¢ Qualcomm told customers that it could no longer absorb rising supplier costs and had sought alternative components from new suppliers, the report said.
ā¢ The report comes as Qualcomm grapples with mounting pressure in the smartphone market, squeezed by a memory chip shortage as investment is redirected toward AI infrastructure.
ā¢ Qualcomm is set to report its third-quarter results on July 29.
(Reporting by Anhata Rooprai in Bengaluru; Editing by Shilpi Majumdar)
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