Nokia renews patent license agreement with Apple for another term

Nokia said on Friday that it has signed a new long-term patent license agreement AppleBecause the existing license between the companies expires at the end of 2023.

Although the terms of the agreement remain confidential between the companies, it covers Nokia’s inventions. 5G and other technologies.

Nokia said the company expects to recognize revenue related to the agreement starting in January 2024, and is in line with the company’s long-term outlook stated in the first quarter.

The Finnish company said Nokia’s patent portfolio is built on more than EUR 140 billion (roughly Rs. 12,55,260 crores) invested in research and development and includes nearly 20,000 patents, including more than 5,500 essential for 5G. have been declared.

“This agreement reflects the strength of Nokia’s patent portfolio, decades-long investment in research and development, and contributions to cellular standards and other technologies,” said Jenny Lukander, President of Nokia Technologies.

Apple and Nokia share a long partnership. Back in 2018, Apple Appointed Ashish Chowdhary, Chief Customer Operations Officer, Nokia Networks has been appointed as its India Operations Head. Chowdhary took charge Apple India chief since January 2019.

Since then, Apple has also entered India with two official stories in Delhi and Mumbai. It is also reported that Apple BKC and Apple Saket have become the largest electronics retail stores in the country in terms of sales.

A reports It was reported in early June that Apple BKC had over 6,000 footfalls and sales of Rs. exceeded. Products worth Rs 10 crore were sold on its opening day on 18 April. The company’s store in New Delhi, Apple Saket, which opened two days later on April 20, reportedly received similar footfalls.

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