April 16, 2019 / 11:48 PM / a month ago

Intel says to exit 5G smartphone modem business

FILE PHOTO: Intel's logo is pictured during preparations at the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany, March 19, 2017. REUTERS/Fabian Bimmer/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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