Qualcomm's stock has seen a notable drop following its alert about escalating memory costs. Increased expenditures and rising prices are expected to strain profit margins in the immediate future. The firm has projected an adjusted earnings per share that falls short of analysts' estimates. Additionally, Qualcomm's share in the modem supply for the upcoming iPhone will significantly decrease.

"Cost went up, prices are going to go up," Qualcomm CEO Cristiano Amon said in an interview.

July 29 : Qualcomm forecast fourth-quarter profit below Wall Street estimates on Wednesday, and said revenue from Apple products would decline faster than expected as supply…

Shares of the company were down more than 4% in extended trading on Wednesday, while Apple shares were flat.