Nokia sells 500 patents, facing huge loss

Mobile giant Nokia sells about 500 wireless patents to U.S firm Vringo and left its Qt software business to Finnish IT services firm Digia Oyj and collects $22 million from this deal.

Nokia faces huge loss in the battle of smartphone market as smartphone company like Apple and Samsung moves their market share to higher level in many countries.

Last year Nokia collaborated with Microsoft for its Windows mobile operating system to boost its smart-phone market but so far had limited success.

Last month Nokia losses 1.50 billion-euro for second quarter,some 700 million euros of cash and ended June with net cash 4.2 billion-euros.

Now upto 125 employees working in development and licensing issues will move from Nokia to Digia.

Nokia sells 500 patents

Digia planned to use QT for making applications for Apple's iOS platform, Google's Android and Microsoft Windows 8.

“We are looking forward to welcoming the Qt team to Digia. By adding this world class organization to our existing team we plan to build the next generation leading cross-platform development environment.”

said Tommi Laitinen, SVP, International Products, Digia.

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Nokia sells 500 patents, facing huge loss

1 Comment

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