Summary by Moomoo AI
Nokia Corporation announced on January 24, 2024, that it has entered into a multi-year patent cross-license agreement with smartphone manufacturer OPPO. The agreement, which includes 5G standard-essential patents, will result in royalty payments to Nokia, including catch-up payments for periods of non-payment during a prior dispute. This resolves all pending patent litigation between Nokia and OPPO across all jurisdictions. The financial terms of the agreement remain confidential. Jenni Lukander, President of Nokia Technologies, expressed satisfaction with the agreement, highlighting mutual respect for intellectual property and Nokia's R&D investments. OPPO's Chief Intellectual Property Officer, Feng Ying, also welcomed the agreement, emphasizing the foundation it sets for future collaboration. The agreement aligns with Nokia's disclosed assumptions in its Q3 financial report and will contribute to Nokia Technologies' financial stability. Nokia will recognize net sales from this agreement starting Q1 2024. The company remains confident in achieving its mid-term net sales run-rate target of EUR 1.4 to 1.5 billion, supported by its extensive patent portfolio and contributions to open standards.