Qualcomm Shares Plunge After It Admits It Won't Be On A Key Customer's Next Phone

Qualcomm shares are off more than 7% after the company admitted that a key customer was dropping Qualcomm's chips from from one of its flagship phones.

We're guessing that's probably Samsung. Last week, Bloomberg reported that Samsung was planning to drop Qualcomm's chips from its Galaxy S6.

The news came in Qualcomm's Q4 earnings report. Qualcomm reported adjusted EPS of $1.34 on revenue of $7.1 billion, beating analysts' expectations, but lowered guidance for the coming year, citing market share changes in high-end smartphones, tougher competition in China and "Expectations that our Snapdragon 810 processor will not be in the upcoming design cycle of a large customer's flagship device."