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Technology Stocks : Sequans Communications

SQNS 7.745

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12:42 PM EDT

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To: GaryMi who wrote (1665)

4/16/2019 11:57:18 PM

From: FJB

of 2386

Intel says it’s exiting the 5G smartphone market, hours after Apple-Qualcomm settlement

Ari Levy @levynews

Key Points

Intel said on Tuesday it’s pulling out of the 5G smartphone market and will provide further details later this month.
Intel shares jumped 4 percent after hours.
Qualcomm dominates the market and earlier in the day announced a multi-year deal with Apple.

Intel said on Tuesday that it’s dropping out of the 5G smartphone market just hours after Qualcomm and Apple announced a six-year licensing agreement as part of a royalty settlement.

“The company will continue to meet current customer commitments for its existing 4G smartphone modem product line, but does not expect to launch 5G modem products in the smartphone space, including those originally planned for launches in 2020,” Intel said in a statement late Tuesday.

Intel shares rose about 4 percent to $58.97 in extended trading after the announcement. The company said it will provide additional details about its plans in its earnings report on April 25.

In January, Intel named Robert Swan as permanent CEO, ending a months-long search following the ouster of Brian Krzanich. It’s up to Swan to find markets that work for Intel as sales of PCs continue to slide. The company said that in addition to exiting 5G smartphones, it’s assessing its future in so-called internet of things devices, or the growing number of gadgets that are connected to the web.

continues at cnbc.com

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