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

2019-01-12 09:00    Investing

Apple demanded billion from Qualcomm for chance to win iPhone Technology News

© Reuters. FILE PHOTO: Woman checks her phone at a flagship Apple store at Iconsiam shopping mall in Bangkok

(Reuters) - Apple Inc (NASDAQ:AAPL) asked for $1 billion as an "incentive payment" from Qualcomm (NASDAQ:QCOM) 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.

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