Qualcomm stock soars 23% on news it settled billion-dollar dispute with Apple

/ CBS/AP

Apple and mobile chip maker Qualcomm have settled a bitter financial dispute centered on some of the technology that enables iPhones to connect to the internet. News of the surprise truce Tuesday sent Qualcomm stock soaring more then 23 percent, to nearly $70.50 a share.

The settlement came just as the former smartphone allies turned antagonists were facing off in a federal court trial that was supposed to unfold over the next month in San Diego. The resolution abruptly ended that trial.

Apple had been seeking at least $1 billion while Qualcomm was seeking $7 billion for unpaid royalties it contended it is owed for its patented technology in the iPhone. Apple's key iPhone suppliers wanted another $27 billion from Qualcomm.

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The settlement requires Apple to make a payment to Qualcomm, though the amount wasn't immediately revealed. It also includes a six-year licensing agreement for Qualcomm's technology.

Apple's stock price closed Tuesday largely unchanged, up just 0.01 percent to $199.25 a share.

First published on April 16, 2019 / 4:31 PM

© 2019 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

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