April 17, 2019 / 12:23 AM / 7 days ago

Intel says to exit 5G smartphone modem business

FILE PHOTO: The Intel logo is shown at E3, the world's largest video game industry convention in Los Angeles, California, U.S. June 12, 2018. REUTERS/Mike Blake/File Photo

(Reuters) - Intel Corp said on Tuesday it was exiting the 5G smartphone modem business, while assessing opportunities for 4G and 5G modems in PCs, internet of things devices and other data-centric devices.

“...in the smartphone modem business it has become apparent that there is no clear path to profitability and positive returns,” Intel CEO Bob Swan said in a statement.

Reporting by Ismail Shakil in Bengaluru; Editing by Sandra Maler

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