In a short statement, the company said it would "complete an assessment of the opportunities for 4G and 5G modems in PCs, Internet of Things devices and other data-centric devices".
It added that it would also continue to invest in its 5G network infrastructure business.
The company said it would provide further details about its decision at a conference call on 25 April when it is scheduled to announce its first-quarter earnings for 2019.
The two companies struck a six-year licence agreement, effective from 1 April, which includes a two-year option for extension and a multi-year chip supply deal.
Intel had been Apple's supplier of 4G smartphone modems after the relationship between Qualcomm and the iPhone manufacturer soured.
“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 Bob Swan.
“5G continues to be a strategic priority across Intel, and our team has developed a valuable portfolio of wireless products and intellectual property.
"We are assessing our options to realise the value we have created, including the opportunities in a wide variety of data-centric platforms and devices in a 5G world.”