The British firm Imagination Technologies has posted a statement on its website saying it will cease to supply Apple with its graphics technology that the company currently uses in iPhone and iPads within the next two years. Imagination Technologies says Apple made the decision to cease its contracts with the company because the iPhone maker is developing its own graphics processing chips. Shares of Imagination Technologies have tanked 70% today after the news was released. More than half of Imagination Technologies revenues come from its Apple deals. Last year Apple considered buying the company, but later chose not to.
Image: Imagination Technologies