Nokia who are fast running out of profits has opened up a new revenue stream after cutting a patent deal with Apple, which will result in the settlement of all outstanding patent litigation between the two companies.As part of the agreement Apple will make a one time payment to Nokia in addition to ongoing royalty payments for the term of the agreement.
“We are very pleased to have Apple join the growing number of Nokia licensees,” said Nokia president and CEO Stephen Elop.
“This settlement demonstrates Nokia’s industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market.”
The patent dispute between Apple and Nokia has been argued in courts since 2009, with the companies accusing one another of infringing on patents related to mobile phone technologies including touchscreens, Wi-Fi, and Bluetooth.
The outcome is a victory for Nokia, which said the agreement “is expected to have a positive financial impact on [the company’s] recently revised outlook for the second quarter of 2011.”
