Qualcomm stock dips despite midday spike on price hike report

Investing.com -- Qualcomm (NASDAQ: QCOM) shares fell 0.5% on Friday despite a midday spike, following a Bloomberg report that the company informed customers of double-digit percentage price increases.

The San Diego-based chipmaker sent a letter to customers Friday announcing the price hike, which will take effect for products shipped after Sept. 1, according to a copy of the document seen by Bloomberg News.

Qualcomm, the largest maker of smartphone processors, told clients that rising costs from suppliers forced the decision. The company said it had exhausted its ability to absorb these increasing costs and had attempted to secure alternative components from new sources.

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