Qualcomm released its financial results for the first quarter of 2024, disclosing revenues of $9.92 billion and net income of $2.77 billion, exceeding previous forecasts.

In the earnings conference, Qualcomm’s CEO Cristiano Amon also disclosed an intriguing development – Apple and Qualcomm have prolonged their agreement for 5G modem licensing until March 2027.

This update follows a prior agreement extension between the two firms, which encompassed the use of Qualcomm’s 5G modems in Apple products until 2026.

Apple has faced significant challenges in creating its own 5G modems internally since acquiring Intel’s modem division in 2019.