Apple shares dip on result of Qualcomm court case

Shares in Apple fell 2% on Monday’s opening after Qualcomm won a court case that temporarily stops the import of some iPhones.

China has now banned the import and sale of nearly all iPhone models, according to a statement released by Qualcomm.

Apple said in a statement: “Qualcomm’s effort to ban our products is another desperate move by a company whose illegal practices are under investigation by regulators around the world.”

“All iPhone models remain available for our customers in China. Qualcomm is asserting three patents they had never raised before, including one which has already been invalidated. We will pursue all our legal options through the courts.”

Qualcomm said in a statement: “We deeply value our relationships with customers, rarely resorting to the courts for assistance, but we also have an abiding belief in the need to protect intellectual property rights.”

Shares in Qualcomm rose 3%.

Apple shares have fallen 26% over this quarter.

The specific iPhone models affected by ruling in China will be the iPhone 6S, iPhone 6S Plus, iPhone 7, iPhone 7 Plus, iPhone 8, iPhone 8 Plus and iPhone X.

The iPhone XS, XR and XS Max are not covered by the ban.

In August, Apple won the race to become the world’s first trillion-dollar company.

Apple shares (NASDAQ: AAPL) are currently trading -1.98%, whilst Qualcomm shares are trading +3.62% (1652GMT).

 

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.