Qualcomm jumps after EU watchdog indicates it would not appeal overturned $1B iPhone deal fine.

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Qualcomm (NASDAQ:QCOM)

According to a report by Reuters, shares of Qualcomm (NASDAQ:QCOM) increased on Friday after antitrust regulators for the European Union confirmed that they would not appeal a court ruling that removed a $1 billion fine against the semiconductor company over its decision to supply Apple (NASDAQ:AAPL) with chips. The ruling was against Qualcomm because it decided to supply Apple with chips.

A spokesperson for the European Commission told the news outlet that after “carefully studying the judgment of the General Court in the Qualcomm (exclusivity payments) case,” the Commission has decided not to appeal the decision to the Court of Justice. The statement was made by the spokesperson for the European Commission.

In early trading, shares of Qualcomm (NASDAQ:QCOM) increased by 2% to reach $131.64.

The previous month, it was stated that the regulators from the EU would likely not appeal the verdict because they considered that it would be too difficult to convince the European Union Court of Justice on the merits of their case.

The European Commission stated in 2018 that Qualcomm (NASDAQ:QCOM) decision to pay Apple (AAPL) billions of dollars to exclusively use its baseband chips in iPhones and iPads from 2011 to 2016 was an abuse of power. This statement was made in response to Qualcomm’s decision to pay Apple for the right to use only its baseband chips.

Qualcomm (NASDAQ:QCOM), on the other hand, successfully appealed the fine in June, when the General Court, the bloc’s second-highest court, overturned the finding and stated that there were “a number of procedural irregularities” that impacted Qualcomm’s right of defense. This resulted in the finding being overturned.

“As regards the failure to have due regard for Qualcomm (NASDAQ:QCOM) rights of defense, the General Court finds that the Commission committed several irregularities when it was putting together the case file,” the statement read at the time. “The General Court finds that the Commission committed several irregularities when putting together the case file.”

At the beginning of this month, Meta Platforms (META) and Qualcomm (NASDAQ:QCOM) agreed to collaborate on creating specialized virtual reality chips.

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