Qualcomm shares fell after the chipmaker issued a weaker-than-expected profit forecast, as soaring component costs, supply shortages and slowing smartphone demand weighed on its largest business. Revenue is forecast to reach between US$9.7 billion and US$10.5 billion, broadly in line with market expectations. Qualcomm shares dropped more than 4% in extended trading following the results, although some reports showed steeper declines during the session. Qualcomm is also preparing double-digit price increases after informing customers it could no longer absorb rising supply chain costs. Qualcomm’s handset revenue fell 20% to US$5.09 billion during the quarter, although it came in slightly ahead of expectations.