Qualcomm tells customers of double-digit price increases, Bloomberg News reports

July 24 (Reuters) - Smartphone chipmaker Qualcomm QCOM.O told customers it would raise prices by a percentage in the double digits due to rising costs, Bloomberg News reported on Friday, citing a letter sent to clients.

Here are some details:

• Qualcomm sent the letter to customers on Friday, informing them that the price hike will go into effect for products shipped after September 1, the report said.
• The company told customers it could no longer absorb rising supplier costs and had sought alternative components from new suppliers, Bloomberg reported.
• Qualcomm declined to comment. Reuters could not independently verify the report.
• The chipmaker has been grappling with mounting pressure in the smartphone market, which has been squeezed by a memory chip shortage as investment is redirected toward AI infrastructure.
• Qualcomm is set to report its third-quarter results on July 29.