(credit: Imagination Technologies)
A year on from Apple being locked in potential buyout talks with Imagination Technologies, the iPhone maker is set to abandon the British chip design company.
Shares in Imagination were in free-fall on Monday morning, after it confirmed it would lose its biggest customer by 2019. “Apple is of a view that it will no longer use the group’s intellectual property in its new products in 15 months to two years time, and as such will not be eligible for royalty payments under the current license and royalty agreement,” it said.
Last year, the struggling UK-based semiconductor supplier axed 350 jobs and said it needed to slash millions of pounds in operating costs, after it warned that a slump in iPhone sales has hurt the business. Roughly half of its revenues derives from a licensing deal with Apple.
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