© Reuters. FILE PHOTO: A mockup of the new Nokia logo is seen in this photo posted on February 26, 2023. NOKIA/Handout via REUTERS/File Photo
(Reuters) – Nokia (NYSE: NYSE) said on Friday that it has signed a new long-term patent licensing agreement with Apple (NASDAQ:), as the current license between the two companies expires at the end of 2023.
While the terms of the agreement remain confidential between the companies, it covers Nokia’s inventions in 5G and other technologies.
Nokia said the company expects to recognize revenue related to the agreement from January 2024, which is in line with the company’s long-term outlook disclosed in the first quarter.
The Finnish company said Nokia’s patent portfolio is built on more than 140 billion euros ($152.70 billion) invested in research and development and consists of about 20,000 patents, including more than 5,500 declared essential for 5G.
“The agreement reflects the strength of Nokia’s patent portfolio, decades-long investments in research and development, and contributions to cellular standards and other technologies,” said Jenny Lokander, President, Nokia Technologies.
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