Qualcomm and Apple today announced an agreement to dismiss all litigation between the two companies worldwide.
We finally have it, Apple (NASDAQ:AAPL) and Qualcomm (NASDAQ:QCOM) have settled their massive, multi-year long royalty dispute according to a join press release. Qualcomm stock surged by more than 28 percent through after-hours trading, marking the best day for the company on Wall Street since 1999.
The fight has been ongoing for sometime since 2017, but some of the major prongs of their battle kicked off in U. S. courtrooms earlier this year. The two were ramping up for a global fight across the U. S., Germany, and China, among others. At the heart of the matter was Qualcomm’s practice of demanding both an upfront payment for its chips, then in addition an ongoing licensing fee that had Apple kicking back a cut of the device sales to Qualcomm.
Related Apple and Qualcomm Have Officially Agreed to ‘Drop All Litigation,’ Global Patent License & Chipset Supply Agreement Reached
Qualcomm, for its part, said its business practices were fair and even claimed that Apple had engaged in corporate IP theft of its properties.
