Nokia, Huawei strike multi-year patent licensing deal
Video: The Nokia 3310 is back and so is Snake
Nokia announced Wednesday a multi-year patent license agreement with China smartphone maker Huawei.
Nokia didn't provide specifics of the deal, calling them confidential. It expects revenue for the mobile patent licensing agreement will begin to be recognized in Q4 2017, and it will continue to disclose patent licensing revenue in its quarterly financial reports.
"Huawei is one of China's largest companies and is among the world's leading smartphone manufacturers and we are delighted to welcome them to our family of patent licensees," wrote Maria Varsellona, chief legal officer at Nokia, in a statement.
Since selling its mobile phone business to Microsoft in 2014, Nokia has focused on patent licensing and networking tech. In its Q3 2017 earnings report released in October, Nokia said it has doubled its recurring license revenue since 2014.
According to IDC, Huawei is the third-largest smartphone maker worldwide behind Samsung and Apple. Moving past its giant business in China, Huawei plans to begin selling its Mate 10 smartphone through a US carrier in 2018, reports have said.