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Qualcomm (QCOM) recently announced that Apple (AAPL) has renewed its licensing agreement with the company. Not revealing much about the contours of the deal, Executive Vice President and General Manager of Qualcomm Technology Licensing John Han said, “We are pleased to extend the Apple license agreement.”
Apple and Qualcomm have had a longstanding partnership over the years, wherein the latter supplied the former with modem chips, while Qualcomm also earned royalty revenues from Apple. However, since Apple acquired Intel's (INTC) modem business in 2019 for about $1 billion, its dependence on Qualcomm has been decreasing.
