Qualcomm shares rise on Nokia trial delay

Qualcomm delayed the release of its fiscal third-quarter results after a Delaware judge postponed the start of a trial pitting the company against Nokia in a dispute over licensing fees.

Qualcomm gave no explanation for rescheduling its conference call to discuss the results before markets open, an Associated Press report also said.

The company had been scheduled to release its results after markets closed Wednesday.

The delay sent its shares soaring €2.6 (US$4.10), or 9.2%, to €31.17 (US$48.92) after hours. During regular trading, its shares rose 1.6%, to €28.5 (US$44.82) on the Nasdaq Stock Market, the report said.

The trial was scheduled to begin Wednesday morning, but was delayed for several hours because of technical difficulties in establishing a Webcast feed. Vice-chancellor Leo Strine later decided to postpone the start of the trial until Thursday morning.

The reason for the postponement was not immediately clear.

The Delaware lawsuit is part of a multinational legal battle between the two companies, who disagree on whether Nokia owes Qualcomm royalty payments for use of certain wireless technology patents.

Qualcomm contends that Nokia owes it royalties under a 2001 licensing agreement.