INTC Intel Corporation

   By Josh Beckerman 
 

Intel Corp. (INTC) said it plans to exit the 5G smartphone modem business, focusing its 5G efforts on network infrastucture and "other data-centric opportunities."

The company said it will continue to meet current customer commitments for its existing 4G smartphone modem product line.

"We are very excited about the opportunity in 5G and the 'cloudification' of the network, but in the smartphone modem business it has become apparent that there is no clear path to profitability and positive returns," Chief Executive Bob Swan said.

Intel said it expects to provide details in its upcoming first-quarter 2019 earnings release and conference call, scheduled for April 25.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

April 16, 2019 19:58 ET (23:58 GMT)

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