Shares of Qualcomm have dropped two percent after CEO Steve Mollenkopf told analysts on an earnings call Wednesday that it may lose some of its “biggest customers” as they are going with a “second source,” Bloomberg reported.
The fabless chip maker's been Apple's exclusive supplier of LTE modems for over three years now.
That's about to change soon: Mollenkopf is now “assuming” that a major customer will give orders to a rival, indicating a potential loss of business for the company. Analysts said they think the customer is Apple and the rival is Intel.