Qualcomm Expects Apple Modem Revenue to Drop Faster Than Expected

Qualcomm said Apple-related modem revenue will fall faster than it previously expected, starting in the fourth quarter.

CEO Cristiano Amon said supply constraints will reduce Qualcomm’s share in the next iPhone launch below earlier estimates.

The company also plans price increases from Sept. 1 to help offset higher costs.

Qualcomm is leaning more on non-smartphone growth, especially data centers, as Apple expands its in-house modem efforts.