Qualcomm shared its Q1 2024 earnings report which revealed revenue of $9.92 billion and net income of $2.77 billion, both of which beat previous estimates.
During the earnings call, Qualcomm CEO Cristiano Amon revealed another interesting fact – Apple and Qualcomm have extended their 5G modem licensing agreement until March 2027.
The development comes after the two companies reached an extension to cover Qualcomm 5G modems in Apple devices until 2026. After buying Intel’s modem business in 2019, Apple has had a really tough time making 5G modems.
Cupertino’s 5G modem development process kept running into obstacles and was pushed back several times. Some reports suggest that Apple has scrapped the entire modem project altogether.
Interestingly, Qualcomm’s 10-Q report filed with the SEC suggests that the company believes that Apple will develop and use its own 5G modem at some point in the future.
