Apr 13, 2017 04:39 PM EDT
Canadian smartphone manufacturer Blackberry in their statement has stated that they have won a lawsuit against Qualcomm which is worth US $815M. According to an order from a court of arbitration, Qualcomm will now have to pay back Blackberry the said sum as a part of the settlement.
At one point of time, Blackberry was a prominent smartphone manufacturer which is to say, was in the pre-smartphone era when keypad phones were still the most preferred devices. A report from PCMag states that the said fee is excluding attorney's fees and interest which will be determined at a separate hearing the coming month.
Qualcomm is involved in another lawsuit with Apple after being subjected to multiple government investigations into their business practices which Apple alleges that Qualcomm decided to hold back a sum of a billion dollars for speaking out the truth at the time of its investigation process. Blackberry now might be a sinking ship in the smartphone industry but that said the Canadian firm has assured that ties between Qualcomm and themselves will continue to carry on in spite of the court order.
Another report from CNBC mentions that the Court will finalize the total amount on May 30, following which the shares for Blackberry increased by a massive 18 percent after the news broke out. Meanwhile, Qualcomm went down 2 percent in its shares.
Blackberry's smartphone sales have continued to go downhill ever since the emergence of a smartphone begun, primarily when Apple introduced their smartphones which pretty much meant that Apple would be a primary competitor for the Canadian firm. According to an industry analyst, the company expected to see an increase in its smartphone sales at the time of finalizing the deal but however, they ended up overpaying due to the lack of proper sales of their devices.
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