Qualcomm will supply modem chipsets for iPhones for at least three more years, removing a financial pothole in Qualcomm's path.
Qualcomm Inc. will supply modem chips for Apple Inc.’s iPhones for at least three more years, removing a financial pothole in Qualcomm’s path and suggesting Apple’s attempt to make its own chips is moving slower than expected.Qualcomm announced Monday morning that a new deal with Apple AAPL, +0.35% will supply iPhones with SnapDragon 5G modem-RF systems in 2024, 2025 and 2026. Apple has been developing its own systems since purchasing Intel Corp.’s INTC, -0.
Qualcomm announced that the terms of the new deal are “similar” to the previous three-year agreement. Apple was asked to confirm and for comment when the news was released Monday morning. The company is expected to show off its new lineup of iPhones at an event on Tuesday.Qualcomm Chief Executive Cristiano Amon told CNBC earlier this year at a large event for the mobile industry that he was not planning to provide any of the mobile chipsets to Apple in 2024.
Qualcomm shares have struggled as the end of billions in revenue from Apple appeared to be on the horizon. The stock has declined 19.6% in the past year, as the S&P 500 index SPX has gained 9.6%.
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