Qualcomm released its first-quarter earnings report for 2024, revealing $9.92 billion in revenues and $2.77 billion in net income, both of which exceeded previous estimates. During the earnings call, Qualcomm CEO Cristiano Amon announced that Apple and Qualcomm have extended their 5G modem licensing agreement through March 2027.
In our QTL business, we’re happy to announce that we recently extended several key license agreements. First, Apple exercised its unilateral option to prolong its global patent license agreement for an additional 2 years, extending the existing agreement through to March 2027.
This development follows the previous agreement between the two companies, which covered Qualcomm 5G modems on Apple devices through 2026. Apple has faced challenges in developing its own 5G modems since acquiring Intel’s modem business in 2019.
Apple’s 5G modem development process has faced setbacks, with reports suggesting that Apple may have abandoned the project altogether. Interestingly, Qualcomm’s 10-Q report filed to the SEC indicates that the company anticipates Apple developing and using its own 5G modems in the future.
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