Apple and Qualcomm Agree to Drop All Litigation
17 April 2019 - 6:08PM
Dow Jones News
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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