Qualcomm sends letter to customers on price increase: ‘Cannot absorb rising costs’

Qualcomm has reportedly notified its customers that it will raise prices by double-digit percentages starting this fall. According to a report by Bloomberg, the world’s largest manufacturer of smartphone processors issued a letter to clients detailing the upcoming price hikes, which will apply to all products shipped after September 1.

The San Diego-based tech giant explained that it can no longer cushion the financial impact of soaring component prices, forcing it to pass higher costs down the supply chain.