Apple and Nokia are no longer locked in legal battles. Instead, they're cooperating and signing agreements. Nokia agreed to drop its lawsuit against Apple in order to sign a multi-year patent license agreement instead.
This cooperation will also see the return of Nokia's Withings products to Apple's store.
They described this deal as a "meaningful agreement," though details weren't released by either side. Jeff Williams, COO of Apple, says Apple is "pleased with this resolution of our dispute."
Nokia is going to provide "certain network infrastructure product and services to Apple" under their deal.
Nokia will receive an up-front cash payment from Apple, with additional revenues during the term of the agreement.
The value of the agreement will be reflected partially as patent licensing net sales in Nokia Technologies and partially as net sales in other Nokia business groups. Nokia will follow its existing practices for disclosing patent licensing revenue in its quarterly announcements and expects that revenues for the agreement will start to be recognized in the second quarter of 2017, including an element of non-recurring catch-up revenue. - Nokia |