Qualcomm published its financial report for the first quarter of fiscal year 2024. This report shows that the company generated $9.92 billion in revenue and $2.77 billion in profit in the past three months. At the meeting where the quarterly results were evaluated, Qualcomm CEO Cristiano Amon shared another important information. The 5G modem license agreement between Apple and Qualcomm has been extended until March 2027.
Amon said: “We are pleased to share that we have recently extended several important license agreements in our QTL business. First, Apple exercised its unilateral option to extend the global patent license agreement for another 2 years, extending the existing agreement until March 2027.”
The two companies had previously agreed to extend the 5G modem agreement until 2026. Thus, the use of Qualcomm’s 5G modems in Apple branded devices was guaranteed until 2026.
The fate of the relationship between Apple and Qualcomm remains unclear
Things did not go as planned for Apple, which bought Intel’s mobile modem unit to develop 5G modem in 2019. It was also claimed that Apple, which faced various problems throughout the process, completely shelved the project. However, a report filed by Qualcomm with the US Exchange and Securities Commission claims that Apple will develop and use its own 5G modems at some point in the future. Therefore, it would not be wrong to say that the fate of the relationship between the two companies is uncertain.