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Technology Stocks : Apple Tankwatch

AAPL 270.82

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Dec 22 3:59 PM EST

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From: sylvester80	1/11/2019 8:16:54 PM
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BOMBSHELL: Apple demanded $1 billion from Qualcomm for chance to win iPhone REUTERS 5:38 PM ET 1/11/2019 Jan 11 (Reuters) - Apple Inc(AAPL) asked for $1 billion as an "incentive payment" from Qualcomm Inc(QCOM) in order for Qualcomm(QCOM) to become the supplier of modem chips for Apple's(AAPL) iPhone, Qualcomm's(QCOM) 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(AAPL) and Qualcomm(QCOM) was meant to ease the technical costs of swapping out the iPhone's then-current chip with Qualcomm's(QCOM). But Qualcomm(QCOM) CEO Steve Mollenkopf testified at a trial with the U.S. Federal Trade Commission that the hefty payment was part of why Qualcomm(QCOM) sought to become the sole supplier of Apple's(AAPL) so-called modem chips. (Reporting by Stephen Nellis; Editing by Sandra Maler)

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