Qualcomm shared its Q1 2024 earnings report which revealed $9.92 billion in revenues and $2.77 billion in net income, both of which surpassed earlier estimates. During the earnings call, Qualcomm CEO Cristiano Amon revealed another interesting fact – Apple and Qualcomm have extended their 5G modem licensing deal through March 2027.
In our QTL business, we’re pleased to share that we recently extended several key license agreements. First, Apple exercised its unilateral option to extend its global patent license agreement for an additional 2 years, taking the existing agreement through to March 2027.
This development comes after the two companies previously reached an extension covering Qualcomm 5G modems on Apple devices through 2026. Apple has had a really tough time developing its in-house 5G modems after it purchased Intel’s modem business back in 2019.
Cupertino’s 5G modem development process kept running into hurdles and was pushed back several times. Some reports suggested that Apple scrapped the whole modem project altogether. Interestingly, Qualcomm’s 10-Q report filed to the SEC suggests that the company believes Apple will develop and use its own 5G modems at some point in the future.
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