Trade restrictions affect Qualcomm (QCOM.US), causing a near 7% drop in the chip stock market.

We learned from Zhitong Finance that on Thursday, Qualcomm's (QCOM.US) stock price rose, and as of the time of writing, the stock has fallen nearly 7% to $168.24. The chip maker warned about the impact of trade restrictions.

In the third quarter ending June 23, Qualcomm reported a 11% year-over-year increase in revenue to $9.39 billion, beating the average analyst estimate of $9.21 billion. Under non-GAAP accounting, the company reported an adjusted net income of $3.034 billion, up 25% year-over-year; net income of $2.648 billion, up 26%; and adjusted earnings per share of $2.33, beating the average analyst estimate of $2.24.

Shares of chip stocks fell collectively, with ARM (ARM.US) down more than 15%, Micron Technology (MU.US) down more than 5%, AMD (AMD.US) down more than 5%, ASML (ASML.US) down more than 4.3%, and Nvidia (NVDA.US) down more than 3%.