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Nokia’s going through a major transition right now – the Finnish telecommunications giant recently announced that it has signed its last major smartphone agreement that remained under negotiation, making it the company’s seventh major smartphone patent license agreement in the past thirteen months.
This new development essentially concludes the company’s smartphone patent licence renewal cycle, which began back in 2021. According to Nokia, its licensing business will now enter a period of stability with no major smartphone agreements expiring for the coming years ahead. Jenni Lukander, President of Nokia Technologies states:
“We are delighted to have successfully completed our smartphone license renewal cycle. These seven major agreements demonstrate the strength of Nokia’s patent portfolio and the smartphone industry’s continued reliance on Nokia’s technology in their devices.”
“Conclusion of our smartphone license renewal cycle will enable us to focus on growing our licensing run-rate in new areas. We have already made significant progress in these growth areas and have a strong pipeline of future opportunities.”
With this, Nokia now expects significant catch-up payments for Q1 2024, with an annual net sales run-rate of approximately EUR 1.3 billion. Not too long ago, the company also revealed that it has entered into new license and patent agreements with Vivo and Oppo, effectively ending a lengthy legal battle with both brands.
Source: Nokia
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