Report: Apple Developing Its Own Cellular Modem

As part of a broader plan to make more of its products' key components in-house, Apple (NASDAQ: AAPL) is developing its own cellular modem chip, Bloomberg reported in an article published on Thursday after market hours.

The news agency gleaned this from remarks made by Johny Srouji, Apple's senior vice president of hardware technologies, during a town hall meeting with employees.

Srouji was quoted as saying that "This year, we kicked off the development of our first internal cellular modem which will enable another key strategic transition."

Source Fool.com