Qualcomm asset tided after the announcement that the company has decided its multi-billion-dollar disputes with Apple. At busines close Qualcomm’s stock cost agreed at $70.45 after opening at $57.46.
The stock surge showcases just how surprising the resolution is, especially given how wholeheartedly Apple appeared to be moving forward with Intel to keep Qualcomm tech out of their mobile devices. Qualcomm and Apple had wasted the better part of more than two years engaged in a legal squabble over outsized royalty fees, patent infringements and IP theft.
Beyond the legal resolving and an undisclosed remittance from Apple to Qualcomm, the companies announced they had come to a six-year licensing agreement and a multi-year chipset agreement, a deal that certainly will assuage investor fears that the company was risking connections with a top customer in order to hold to its royalty grease-guns, a move that carried the risk of damaging relationships with other partners as Apple implored suppliers to halt royalty remittances during the dispute, as well.
Intel and Apple furnish were largely unaffected by the news.
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