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- 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.
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 posted its largest one-day gain since December 29, 1999, when the stock rose 31%.
The litigation between the companies dates back more than two years, when Apple sued Qualcomm in January 2017.
This story is developing. Check back for updates.
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