Nokia has inked a multi-year 5G patent license agreement with Chinese smartphone maker Vivo.
The latest deal follows the Finnish telecommunications giant's other licensing agreements with the likes of Apple, Samsung, OPPO, Honor, and Huawei.
Nokia said: "The agreement resolves all pending patent litigation between the parties, in all jurisdictions. The terms of the agreement remain confidential as agreed between the parties."
It added: "Nokia has now almost completed its smartphone license renewal cycle."
Towards the end of last year, Nokia said it was planning to axe 14,000 jobs to cut ongoing costs.
The tech company announced that between 9,000 and 14,000 of their staff would be let go by the end of 2026, which comes after an estimated 20 per cent drop in sales between July and September for the telecoms conglomerate.
In a statement, chief executive Pekka Ludmark said: “Given the uncertain timing of the market recovery, we are now taking decisive action.”
The company said it needed to “act quickly” by cutting expenditure by €400million next year, and then a further €300million in 2025.
Nokia admitted the cuts had been a “difficult business decision” but was a “necessary step to adjust to market uncertainty and protect our long-term profitability and competitiveness.”
A spokesperson for the tech giant added: “We have immensely talented people at Nokia and we will support everyone that is affected by the process.
“We are now beginning the process of consultation on initial reductions.”
They also emphasised that the exact details of the job losses “will be decided only after careful consideration, and will depend on the evolution of end market demand.”
Nokia has over 86,000 employees globally but has axed thousands of jobs since the company began to experience financial struggles in 2015.
The company was once the biggest phone manufacturer in the world, but the introduction of the game-changing iPhone from Apple in 2007, and the following smartphone boom, left Nokia playing catch-up with the competition.
The company partnered with Microsoft in 2010 to offer customers a smartphone that ran a handset version of Windows, though after only achieving a global market share of just 2 per cent, the two companies ended their partnership in 2015.
After political tensions rose between the West and China, which resulted in Chinese tech conglomerate Huawei being banned from the UK’s 5G networks, Nokia took on the role of supplying the country with the new technology.
However, suppliers struggled to make the equipment, plus a general decline in governmental spending on 5G meant that the company did not find the industry as profitable as it was hoping it would be.
