Qualcomm to raise phone chip prices starting September 1

Qualcomm, a major supplier of mobile processors, has announced plans to raise prices on its products starting September 1.

The company's CEO, Cristiano Amon, confirmed the upcoming price increases on Wednesday. While specific figures for the hikes were not disclosed, previous reports suggested they could be in the double digits.

This announcement comes as Qualcomm reported a 30 percent year-over-year drop in revenue from its handset business. The company cited "unprecedented increases in memory pricing" as a contributing factor to the decline.

The price adjustments are expected to impact the cost of smartphones, as Qualcomm's chips are a critical component for many manufacturers. Consumers may face higher prices for new devices or see existing models offered with fewer features for the same cost.