Nokia announced on Friday that it has entered into a new long-term patent license agreement with Apple. The agreement comes as the current license between the two companies is set to expire at the end of 2023. While specific terms of the agreement remain confidential, it encompasses Nokia’s innovations in 5G and other technologies.
According to Nokia, the revenue from this agreement is expected to be recognized starting from January 2024. The company states that this agreement aligns with its long-term outlook, which was disclosed in the first quarter. Nokia’s extensive patent portfolio, comprising over 20,000 patents, including more than 5,500 essential to 5G, is a result of its substantial investment of over EUR 140 billion euros in research and development.
Jenni Lukander, President of Nokia Technologies, emphasized that this agreement highlights the strength of Nokia’s patent portfolio and its extensive contributions to cellular standards and other technologies. Nokia and Apple have maintained a longstanding partnership, with Apple appointing a former Nokia Networks executive as its India head in 2019. Apple has also expanded its presence in India with two official retail stores, including Apple BKC and Apple Saket, which have reportedly achieved significant sales figures.