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Qualcomm is soaring after agreeing with Apple to drop all litigation

FILE PHOTO: People walk by a video display promoting 5G connectivity at the Qualcomm booth during the 2019 CES in Las Vegas, Nevada, U.S. January 8, 2019. REUTERS/Steve MarcusReuters

  • Qualcomm shares surged late Tuesday after the company and Apple reached an agreement to dismiss all litigation related to their royalty dispute.
  • The settlement includes a payment from Apple to Qualcomm, though a press release did not specify its terms.
  • Watch Qualcomm and Apple trade live.

Shares of the chipmaker Qualcomm surged more than 22% late Tuesday after the company and Apple agreed to drop all litigation related to their royalty dispute.

The settlement includes a payment from Apple to Qualcomm, though a press release did not specify its terms. The agreement ends all ongoing litigation, including with Apple’s contract manufacturers.

The two tech giants reached a six-year license agreement effective on April 1, 2019, including a two-year option to extend. The settlement also included a chipset supply agreement, which according to CNBC suggests Apple will buy Qualcomm chips again for future iPhones.

Apple shares were little changed following the announcement. Qualcomm was on track for its largest one-day gain since December 29, 1999, when the stock rose 31%. 

This story is developing. Check back for updates.

Qualcomm shares.Markets Insider

 

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