Ericsson sees IPR licensing revenues of $1 billion this year – One America News Network

STOCKHOLM (Reuters) -Sweden’s Ericsson predicted on Friday intellectual property rights (IPR) licensing income of 11 billion Swedish crowns ($1 billion) this year after it renewed a patent cross-licensing agreement with China’s Huawei.

The telecom gear maker’s renewed multi-year deal with its Chinese rival grants both companies global access to each other’s patented, standardized technologies, it said.

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“With the current portfolio of IPR licensing contracts, Ericsson estimates the full-year 2023 IPR licensing revenues to be approximately 11 billion crowns,” the company said in a statement.

($1 = 11.0158 Swedish crowns)

(Reporting by Anna Ringstrom, editing by Terje Solsvik)