Qualcomm CEO Cristiano Amon announced that ongoing supply constraints will cause revenue from Apple products to decline faster than anticipated. This acceleration is due to a smaller-than-expected share of components in the upcoming iPhone launch, falling to well below 20%. Amon stated that Qualcomm "expects revenue from Apple products to decline more quickly starting in the fourth quarter."

Qualcomm has been diversifying its business to offset the loss of Apple's modem business, which Apple has been phasing out since acquiring Intel's smartphone modem operations in 2019. The company anticipates its data center division will generate $5 billion in revenue by fiscal 2027, effectively replacing Apple business.

Despite Apple's move towards its own modem technology, Qualcomm will continue to earn patent-licensing royalties from Apple. This is based on a six-year licensing agreement signed in 2019, which was later extended by two years, remaining in effect through March 2027.