QCOM: Qualcomm Stock Tumbles After Warning Apple Loss Could Trim Revenue

July 31 Qualcomm QCOM shares slipped nearly 6% on Thursday after investors weighed the potential loss of Apple AAPL modem revenue and rising U.S. tariff risks for semiconductors.

The chipmaker said Apple's move to start using its own in?house modems for the iPhone 16e next February could reduce future sales, even as current?quarter forecasts remained supported by Android demand.

Concerns deepened after former President Donald Trump repeated threats to impose tariffs on semiconductors, raising the risk of supply chain disruption. While chips have not yet been targeted, analysts said new levies could trim mid?single?digit percentages from Qualcomm's handset revenue.

CFO Akash Palkhiwala said customers are not accelerating orders to avoid potential tariffs. Analysts at TD Cowen noted that sales to Samsung and Xiaomi have grown over 15% this fiscal year, helping offset the expected Apple decline.

Qualcomm, the world's largest modem supplier, is also expanding into augmented reality. CEO Cristiano Amon said the company now supports 19 AR products, including Meta's META Ray?Ban smart glasses, and expects more launches in coming quarters.