Apple Inc asked for $1 billion as an "incentive payment" from Qualcomm 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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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