Apple and Qualcomm Agree to Drop All Litigation

Date : 04/17/2019 @ 9:08AM
Source : Dow Jones News
Stock : Qualcomm Incorporated (QCOM)
Quote : 85.4838  -1.3462 (-1.55%) @ 6:33PM

Apple and Qualcomm Agree to Drop All Litigation

Qualcomm Incorporated (NASDAQ:QCOM)
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By WSJ City 

Apple and Qualcomm agreed to dismiss all litigation between the two companies world-wide, ending a long-brewing legal battle over how royalties are collected on innovations in smartphone technology. Financial terms of the agreement weren't disclosed.

KEY FACTS

--- In a press release, Apple and Qualcomm said they reached a six-year license agreement.

--- That's effective from April 1. They added that the settlement includes a one-time payment from Apple to Qualcomm.

--- Shares of Qualcomm jumped more than 17% following the news, while Apple shares rose slightly.

--- Earlier Monday, in a courtroom, Apple had accused Qualcomm of forcing customers to pay twice...

--- ...to gain access to its chips, as trial arguments got under way.

Why This Matters

The two-year feud started as global smartphone sales slowed, pressuring both companies' businesses. Apple's legal challenge has left it without access to Qualcomm's market-leading 5G modem chips, putting its most important product, the iPhone, a step behind Android competitors in the race to the next big advance in wireless.

A fuller story is available on WSJ.com

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(END) Dow Jones Newswires

April 17, 2019 03:53 ET (07:53 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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