Qualcomm pops as Apple extends chip supply agreement until 2026
Justin Sullivan

Qualcomm (NASDAQ:QCOM) shares rose more than 5% on Monday after the company announced it had extended an agreement with Apple (NASDAQ:AAPL) to supply modem chips until 2026.
In a statement, Qualcomm (QCOM) said it would supply Snapdragon 5G ModemâRF Systems for smartphone launches over the next three years.

Apple (AAPL) shares were also higher in pre-market trading.
Evercore ISI analyst Matthew Prisco said the multi-year nature of the agreement provides a "much clearer runway to ... [earnings per share] reacceleration" into the next upturn for handsets, noting that the iPhone business likely generates between $2 and $3 in earnings per share for Qualcomm.


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