Qualcomm to raise prices during memory crunch as chipmaker issues light earnings guidance
Qualcomm reported fiscal third-quarter earnings on Wednesday that met analyst expectations, but issued light guidance for the current quarter, blaming an ongoing supply crunch for computer parts, especially memory. CEO Cristiano Amon announced that the company will raise prices across the board starting September 1 to offset rising input costs in wafer fabrication, assembly, test, advanced packaging, and memory. The company's handset chip sales fell 20% year-over-year to $5.1 billion, reflecting a bottoming in the China market and consumer preference shifting to lower-priced premium phones. Automotive sales were a bright spot at $1.59 billion, with a new chip supply deal with BMW. Qualcomm also completed its acquisition of AI software company Modular and remains on track to report $5 billion in data center revenue next year. Net income fell 25% to $2 billion.
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