Qualcomm tells customers of double-digit price increases: Report

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%.

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.