Apple demanded $1 billion from Qualcomm for chance to win iPhone

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Reuters
Last Updated : Jan 12 2019 | 8:05 AM IST

(Reuters) - Apple Inc asked for $1 billion as an "incentive payment" from Qualcomm Inc in order for Qualcomm to become the supplier of modem chips for Apple's iPhone, Qualcomm's chief executive testified on Friday at a trial with U.S. antitrust regulators.

The $1 billion payment as part of a 2011 deal between Apple and Qualcomm was meant to ease the technical costs of swapping out the iPhone's then-current chip with Qualcomm's.

But Qualcomm CEO Steve Mollenkopf testified at a trial with the U.S. Federal Trade Commission that the hefty payment was part of why Qualcomm sought to become the sole supplier of Apple's so-called modem chips.

(Reporting by Stephen Nellis; Editing by Sandra Maler)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 12 2019 | 7:53 AM IST

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