Intel Corporation has exited 5G smartphone modem business after thoroughly assessing opportunities for 4G and 5G modems in computers, internet of things (IoT) devices and other data-centric devices. Intel will however continue investment in its 5G network infrastructure business.

The company will continue to meet current customer commitments for its existing 4G smartphone modem product line, but does not expect to launch 5G modem products in the smartphone space, including those originally planned for launches in 2020.

"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," said Intel Chief Executive Officer Bob Swan.

Swan said 5G continues to be a strategic priority across Intel, and has already developed a valuable portfolio of wireless products and intellectual property. He said, the company is assessing options to realize the value that has already been created, including the opportunities in a wide variety of data-centric platforms and devices in a 5G world.