Nokia, Apple sign long-term patent license agreement

Nokia (NOK) announced it has signed a new patent cross-license agreement with Apple (AAPL) which will replace the current license that is due to expire at the end of 2023. The terms of the agreement remain confidential between the parties. Jenni Lukander, President of Nokia Technologies, said: “We are delighted to have concluded a long-term patent license agreement with Apple on an amicable basis. The agreement reflects the strength of Nokia’s patent portfolio, decades-long investments in R&D, and contributions to cellular standards and other technologies.” Nokia expects to recognize the revenue related to this new patent license agreement starting in January 2024. The agreement is consistent with the assumptions Nokia has disclosed in the commentary with respect to Nokia Technologies long-term outlook in its Financial Report for Q1 issued on April 20, 2023.