Nokia has announced that it received a $2 billion payment from Apple as part of a patent licensing agreement that the companies reached earlier this year.
The comments came as part of Nokia’s latest financial results, which showed a 150% year-on-year increase in profits derived from its technologies.
As reported by WIPR in May, the two technology companies reached an agreement to end all IP litigation and enter into an agreement for Nokia to provide certain network infrastructure products and services to Apple.
The companies had been in dispute since 2016, after Nokia filed multiple suits against Apple for patent infringement.
The US International Trade Commission had also revealed plans to investigate a complaint by Nokia alleging that Apple had imported patent-infringing phones, tablet computers and components.
In a conference call discussing the financial results, Kristian Pullola, CFO of Nokia, said: “Reaching an agreement quickly without costly litigation adds value to the deal from our perspective … and we won’t see any Apple litigation costs now.”
He went on to confirm that Nokia had received a “substantial” €1.7 billion ($2 billion) payment from Apple and that this will “be reflected in Q3 as well”.
The report further stated that Apple will continue to pay royalties to Nokia.
In a statement Nokia added that the licensing and business partnership agreement that it reached with Apple was a “clear highlight” of Q2.
It concluded: “We look forward to continuing to expand our overall business with Apple in the coming months.”
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