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Nokia said on Friday it had signed a new long-term patent license agreement with Apple, as the current license between the companies expires at the end of 2023.
While terms of the agreement remain confidential between the companies, it covers Nokia’s inventions in 5G and other technologies.
Nokia said the company expects to recognize revenue related to the agreement starting January 2024, and it is consistent with the company’s long-term outlook disclosed in the first quarter.
Nokia’s patent portfolio is built on more than EUR 140 billion euros (nearly Rs, 12,55,260 crore) invested in research & development and is composed of around 20,000 patents, including over 5,500 declared essential to 5G, the Finnish company said.
“The agreement reflects the strength of Nokia’s patent portfolio, decades-long investments in R&D, and contributions to cellular standards and other technologies,” said Jenni Lukander, president of Nokia Technologies.
Apple and Nokia share a long partnership. Back in 2018, Apple appointed Ashish Chowdhary, Chief Customer Operations Officer at Nokia Networks, as its India operation head. Chowdhary took over as Apple India head from January 2019.
Since then, Apple has also made its entry to India with two official stories in Delhi and Mumbai. It has also been reported that Apple BKC and Apple Saket have become the country’s largest electronics retail store in terms of sales.
A report from earlier June points that Apple BKC received a footfall of over 6,000 people and sold over Rs. 10 crore worth of products on its opening day, April 18. Apple Saket, the company’s store in New Delhi which opened two days later on April 20, also reportedly received similar footfall.