Finnish telecommunication equipment manufacturer Nokia announced on Monday that it has signed a 5G patent license agreement with Chinese smartphone maker Vivo. The multi-year agreement will enable Nokia to begin recognising net sales from the deal in the first quarter of 2024, and it marks Nokia’s sixth major smartphone licensing agreement in the past 13 months.
The deal with Vivo follows similar agreements with Apple, Samsung, OPPO, Honor, and Huawei. Nokia noted that this latest agreement resolves all pending patent litigation between the two companies in all jurisdictions, and the terms of the agreement are confidential. Nokia has almost completed its smartphone license renewal cycle with this agreement.
In its previous month’s statement, the company said it expects Nokia Technologies, its intellectual property licensing business, to generate at least 1.4 billion euros ($1.51 billion) of operating profit in 2024.