If you were any company other than Apple, $2 billion dollars (£1.52 billion) probably looks like a hefty amount. Of course, when your phone/tablet-shilling organisation is worth 3/4 of a trillion dollars, a mere billion here or there probably isn't a big deal. Still, the Cupertino-based tech giant recently had to pay Nokia a substantial fee relating to a patent dispute.
As The Verge reports, Apple paid Nokia $2 billion earlier in the year in order to settle protracted, super expensive legal issues. The deal relates to a patent case where Nokia accused Apple of infringing on dozens of its patents. Here's a statement from Nokia:
“We got a substantial upfront cash payment of €1.7 billion from Apple, strengthening further our cash position. As said earlier, our plans is to provide more details on the intended use of cash in conjunction with our Q3 earnings,” reads the official transcript of Nokia’s quarterly earnings call with investors yesterday. Neither Nokia nor Apple have disclosed the terms of the new licensing deal, including whether it involves recurring payments or how many years it will be in place.
This is the second high-profile dispute between the two firms in the past decade. When the previous case was settled, Apple set up a licensing deal with Nokia, which began in 2011. Clearly, said deal hasn't protected the iPhone-maker from this latest nasty lawsuit.
The case was settled back in May, but the exact figures were only made public recently when website Nokiamob.net published details of Nokia's second quarter earnings, which include a certain $2 billion payment.
Thankfully, Apple has a LOT of money squared away for a rainy day.