Qualcomm’s premium smartphone chip reliance, Apple modem loss overshadow upbeat forecast

Qualcomm’s reliance on high-end smartphone chip sales and the looming loss of Apple as a modem customer overshadowed the company’s optimistic quarterly forecast on Wednesday, driving shares down more than 6%.

The San Diego-based company is the world’s largest supplier of modem chips that enable smartphones to connect to wireless data networks.

Qualcomm reported its chip segment revenue from non-Apple customers has risen more than 15% so far this fiscal year.