Qualcomm shares tumbled 5.01% in post-market and pre-market trading, as the chipmaker's fiscal third-quarter earnings miss and a weaker-than-expected profit outlook for the current quarter fueled concerns over rising supply-chain costs and an accelerating loss of Apple business.

The company reported adjusted earnings of $2.21 per share for the fiscal third quarter, slightly below the $2.23 consensus estimate, while revenue of $9.95 billion topped expectations. However, investors focused on the guidance: Qualcomm projected fourth-quarter adjusted EPS of $2.05 to $2.25, well short of the $2.36 analysts had forecast, and revenue of $9.7 billion to $10.5 billion, versus the $10.02 billion estimate. The sell-off reflected mounting concerns over rising memory chip costs and other supply-chain expenses, which the company said have pressured margins and will lead to double-digit price increases on its chip portfolio starting September 1.

Handset revenue dropped 20% year-over-year, and Qualcomm warned that Apple product revenues would decline faster than expected beginning in the fourth quarter due to supply constraints and Apple's shift to in-house modems. The earnings miss and cautious guidance overshadowed positive announcements, including a long-term chip supply deal with BMW and the completion of the Modular acquisition. Analysts at TD Cowen cut their price target on Qualcomm to $175 from $225, while Goldman Sachs said it expects the stock to trade lower following the weak margin guidance.