After winning a major victory in its legal dispute with Apple, Qualcomm saw its shares surge 23 percent for its biggest gain in more than 19 years.
The two companies were able to reach a settlement so that the iPhone maker will once again use Qualcomm modem chips. As a result, the company’s shares jumped to $70.45 in regular trading, and then reached $75.25 in after-hours trading.
The settlement also includes a six-year patent license, as well as a payment from Apple to Qualcomm for an undisclosed amount.
“This is a big win” for Qualcomm, said Christopher Rolland, an analyst at Susquehanna Financial Group, according to Reuters.