Nokia Secures 5G Patent Deal with Chinese Smartphone Giant Vivo
Finnish telecom equipment manufacturer Nokia announced on Monday the successful signing of a multi-year 5G patent license agreement with the prominent Chinese smartphone vendor, Vivo. The agreement marks Nokia's sixth major licensing deal in the smartphone sector over the last 13 months, adding to its previous agreements with tech giants such as Apple, Samsung, OPPO, Honor, and Huawei.
The newly established agreement brings an end to all existing patent litigation matters between Nokia and Vivo across various jurisdictions. However, specific details of the agreement remain confidential, as mutually decided by both parties involved. Nokia anticipates recognizing net sales resulting from this deal starting the first quarter of 2024.
This latest agreement signifies a significant step in Nokia's smartphone license renewal cycle, bringing the company closer to completing this phase. Nokia Technologies, the intellectual property licensing arm of the group, is expected to contribute a minimum of 1.4 billion euros ($1.51 billion) in operating profit by 2024, as indicated by the company in a recent announcement.
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