ESPOO, Finland (TheStreet) -- Nokia (NOK) said Tuesday it settled patent litigation with Apple (AAPL), including the withdrawal by both companies of their complaints to the International Trade Commission.
Nokia, the struggling mobile phone maker, said the agreement would be positive for its second-quarter earnings.
In a statement on its Web site, Nokia said the "financial structure of the agreement consists of a one-time payment payable by Apple and ongoing royalties to be paid by Apple to Nokia for the term of the agreement. " Specifics of the contract are confidential, Nokia said.
"We are very pleased to have Apple join the growing number of Nokia licensees," said Stephen Elop, Nokia's president and CEO, in the statement."This is the first positive news from Nokia for a long time. They can both focus on their businesses now, and the dispute was settled for Nokia's advantage," Inderes analyst Mikael Rautanen told Reuters. Nokia and Apple have been in a legal dispute over patents since October 2009. -- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV