Qualcomm stock rose over as much as 7% on Tuesday after it issued bullish forecasts at an investor's conference in New York.
Qualcomm currently supplies wireless connectivity chips for Apple's devices but Qualcomm said it predicts it will only supply 20% of the modem chips needed for the 2023 iPhone.stock rose as much as 7% on Tuesday after it issued bullish forecasts at an investor's conference in New York and said that its growth doesn't rely on a relationship with any single customer, such as its modem chip sales to Apple.
Qualcomm currently supplies wireless chips for Apple's devices but said it expects to provide just 20% of the modem chips needed for the 2023 iPhone. Company officials declined to say what percentage of its current revenue comes from Apple. The company reported $27 billion in total chip sales in 2021.
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