Just like Apple, Qualcomm suffered a drop in market value and share price over the China band news and Huawei switching to Kirin SoCs
It is a terrible day for Apple and Qualcomm, as both companies lost significantly in share price and market value following news that China banned the use of iPhones among government employees. While the San Diego chipset maker was effected by the ban, its share price down was also due to a report doing the rounds that Huawei will exclusively switch to Kirin SoCs in 2024, leading to up a loss of 60 million silicon orders for Qualcomm, translating into revenue that is reduced by the billions.Qualcomm’s share price plunged 7.2 percent over a series of negative news, making it the company’s worst decline in a month
With Apple’s shares dropping by as much as 5.1 percent, leading to a loss of $212 billion in market value, Bloomberg reports that Qualcomm went through a similar scarring, with its share dropping by 7.
