Apple Confirms It Will Not Make Royalty Payments to Qualcomm
Apple said it will cease making royalty payments to Qualcomm until a patent dispute between the two firms is settled.
Apple (AAPL) - Get Report confirmed to Axios that it will not make royalty payments to Qualcomm (QCOM) - Get Report . Not until a court rules on the dispute between the two companies. Earlier today Qualcomm shares were sent lower because it slashed its top- and bottom-line third quarter expectations in light of the dispute with Apple. Apple is suing Qualcomm for $1 billion over a patent dispute and Qualcomm has filed a countersuit.
"As we've said before, Qualcomm's demands are unreasonable and they have been charging higher rates based on our innovation, not their own." Apple told Axios.
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This article was written by a staff member of TheStreet.
