By Dean Seal

Shares of Qualcomm rose after the company disclosed a three-year deal to supply Apple with 5G communications chips.

The stock climbed 8.5% to $115.21 in premarket trading. Shares remain in negative territory year-to-date and have dropped by 20% over the past 12 months.

Qualcomm said Monday that it will supply Apple with the modem chips for smartphone launches in 2024, 2025 and 2026.

Previous supply deals between the companies have been lucrative for Qualcomm, which has been under pressure from recently tepid demand for smartphones, and expensive for Apple, which has yet to bring its iPhone chip production in-house.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

September 11, 2023 08:00 ET (12:00 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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