Starting September 1st, the price of mobile processors from Qualcomm is set to rise. The tech giant’s CEO Cristiano Amon confirmed a significant price hike on Wednesday, with increases expected to be in double digits.

In its latest financial report, Qualcomm revealed that handset revenue dropped by 20 percent year-over-year – the lowest it has been since 2021. The company attributes this decline to soaring memory prices and supply chain issues, which have driven up costs across various tech products.

However, rather than seeing reduced profits, Qualcomm plans to offset these challenges by hiking its own prices. It also expects a decrease in revenue from Apple products due to anticipated reduced modem share in the upcoming iPhone launch.

Looking ahead, Qualcomm is positioning itself not just as a phone company but also as a player in the data center and automotive sectors. By 2029, it anticipates that only one-third of its revenue will come from smartphones, with the rest coming from these emerging markets.