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Qualcomm defeats Apple in patent trial, stock gains

Jeremy C. Owens

Qualcomm Inc. shares received a quick boost in Friday trading after the chip maker reportedly won a patent trial against Apple Inc. in San Diego, Calif. Reporters covering the trial reported that a jury agreed with Qualcomm that patents it used to demand royalty payments from Apple were valid. Jurors agreed with all infringment and damages claims by Qualcomm, which means Apple will have to pay the chip maker $31 million, according to reports from the courtroom. The trial is just one of many world-wide between the two companies, in which Apple is arguing that Qualcomm charges unfair royalty payments on its intellectual property. Another trial is scheduled to begin in San Diego next month, and the Federal Trade Commission is still weighing arguments made by the two sides in a trial that ended earlier this year. After news of the verdict hit, Qualcomm shares jumped to $57.34, 3.5% higher than Thursday's closing price, though gains settled down to about 1.7% soon thereafter. Apple shares did not show much reaction and were trading 1.8% higher on the day.