Nokia announced on Friday that it has entered into a new long-term patent license agreement with Apple, replacing the expiring license set to conclude at the end of 2023.
While specific terms of the agreement remain confidential, it encompasses Nokia’s innovative technologies, particularly in the areas of 5G and other advancements.
Starting January 2024, Nokia anticipates recognizing revenue associated with this agreement, aligning with the company’s disclosed long-term outlook in the first quarter.
Nokia boasts an extensive patent portfolio, built upon over 140 billion euros (approximately Rs. 12,55,260 crore) invested in research and development. According to the Finnish company, this portfolio consists of around 20,000 patents, including over 5,500 declared as essential to 5G.
Jenni Lukander, president of Nokia Technologies, emphasized that this agreement underscores the strength of Nokia’s patent portfolio, its enduring commitment to research and development, and its contributions to cellular standards and other technological advancements.
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Apple and Nokia have maintained a longstanding partnership. In 2018, Ashish Chowdhary, Chief Customer Operations Officer at Nokia Networks, was appointed as Apple’s head of operations in India. Chowdhary assumed the position of Apple India head in January 2019.
Since then, Apple has expanded its presence in India with official stores in Delhi and Mumbai. Apple BKC and Apple Saket, located in India, have reportedly become the country’s top-selling electronics retail stores.
An earlier report from June revealed that on its opening day, April 18, Apple BKC witnessed footfall from over 6,000 people and recorded sales worth over Rs. 10 crores. Similarly, Apple Saket, which opened two days later on April 20, reportedly experienced a similar level of foot traffic.
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