Qualcomm CEO Steve Mollenkopf appeared on CNBC Wednesday to discuss the company’s settlement with Apple.
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Mollenkopf said the company will not disclose the payment Apple agreed to in the settlement. Following the announcement of the settlement on Tuesday, Qualcomm said it expects incremental earnings per share of $2 as product shipments ramp. Mollenkopf said he was pleased that the two companies will continue to work together.
« The reality is two great product companies, it’s a natural position for them to work together and want to work together, » Mollenkopf said.
Shares of Qualcomm were up 14% in premarket trading on Wednesday following a 2% rally on Tuesday after announcing the deal.
The legal battle had centered around a royalty dispute between the two companies. Apple claimed that Qualcomm was abusing its position as a dominant supplier by charging high prices as well as licensing fees for its patents. Qualcomm claimed Apple withheld payments it had agreed to.
Despite the bitter legal dispute, Mollenkopf said both Qualcomm and Apple are now focused on their products and working together.
« The energy of the companies right now is lets figure out how to ramp up as quickly as possible, » Mollenkopf said. « That’s where the focus is, that’s what we are excited about. »
This story is developing. Check back for updates.
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