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

Intel Corp said on April 16, 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.