Qualcomm warns of weak profit and accelerating Apple revenue loss

Qualcomm released guidance for the upcoming quarter that came in meaningfully below what the market had been expecting. The central negative factor is the situation with Apple: the iPhone maker is accelerating its shift to in-house modem chips, prompting Qualcomm to forecast a steeper-than-expected decline in revenue from that customer. Losing Apple as a major buyer weighs on the mobile segment, historically one of Qualcomm's most important revenue sources. The company is counting on diversification into automotive chips and AI-enabled devices to offset the shortfall. However, in the near term investors see clear pressure on financial results.