Monday, 31 July 2017

Apple settled patent lawsuit with Nokia for $2 billion in cash

Nokia disclosed its financial results for the second quarter of 2017 this week, and within the results the company mentioned that it received an "up-front cash payment" of approximately $2 billion, part of which was said to be recognized during the Q2 2017 results. Nokiamob then reached out to Nokia, and the company confirmed that the cash payment came from Apple.

It would be recalled that in May, Nokia announced it had settled all litigation with Apple. The company also revealed that that they will update their capital structure optimization program, which means Apple agreed to pay a big one-time amount.



This means that Nokia scored a good deal with Apple. Apple agreed to pay up-front 2 billion dollars, of which some were paid in Q2. Apple will continue to pay royalties, along with the rest of this up-front payment.

Nokia said: “We got a substantial upfront cash payment of €1.7 billion from Apple, strengthening further our cash position. As said earlier, our plans is to provide more details on the intended use of cash in conjunction with our Q3 earnings.”

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