Qualcomm shares slide as Apple modem shift, tariffs raise growth concerns

Qualcomm shares fell nearly 5% before the bell on Thursday as the looming loss of Apple as its biggest modem customer outweighed its upbeat quarterly forecast.

The San Diego-based chip supplier warned investors that Apple’s move to depend on in-house modems, starting with the February launch of the iPhone 16e, would hit future chip revenue.

Qualcomm has intensified its focus on sectors such as data centers and personal computers.