Qualcomm stock surges after settling long patent dispute with Apple [Reuters (UK)]
QUALCOMM Incorporated (QCOM)
Last qualcomm incorporated earnings: 4/29 04:01 pm
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Source: Reuters
Qualcomm stock surges after settling long patent dispute with Apple - Reuters 4 Min Read (Reuters) - Qualcomm Inc on Tuesday won a major victory in settling its wide-ranging legal dispute with Apple Inc, signing a six-year patent license deal and a supply agreement that could pave the way to getting its modem chips back in the iPhone, which featured only Intel Corp chips last year. The settlement also includes a payment from Apple to Qualcomm, but the companies did not disclose the amount. Shares of Qualcomm jumped 22 percent in late afternoon trading, their biggest gain in more than 19 years. Apple stock was up marginally. The settlement followed two years of legal conflict between the two companies and came as a opening arguments took place at a trial in federal court in San Diego. Apple had accused Qualcomm of using illegal patent practices to keep a monopoly on modem chips that connect phones to mobile data networks. Qualcomm had said Apple was using its technology without paying
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