German automaker Daimler AG and Finland's Nokia Corp announced on Tuesday that they have signed a patent licensing agreement.
Under the deal, Nokia licenses mobile telecommunications technology to Daimler and receives payment in return.
The companies said they have agreed to settle all pending litigation between them, including the complaint by Daimler against Nokia to the European Commission.
Daimler and Nokia said the deal terms remain confidential as agreed between them.
Profit in Q1
Nokia Corp reported last week that its profit for the first-quarter was 263 million euros or 0.05 euros per share, compared to a loss of 115 million euros or 0.02 euros per share in the previous year.
Comparable earnings per share was 0.07 euros up from 0.01 euros last year.
Net sales for the quarter grew to 5.08 billion euros from 4.91 billion euros in the previous year.
Constant currency net sales were up 9% year-on-year, driven by strong growth in Network Infrastructure and solid growth in Mobile Network.
For 2021, the company continues to expect comparable operating margin of 7% to 10%, and net sales, adjusted for currency fluctuations, of 20.6 billion euros to 21.8 billion euros.
For 2023, Nokia anticipates comparable operating margin of 10-13%, and net sales, adjusted for currency fluctuations, to grow faster than the market.