Qualcomm rises as EU watchdog confirms it won't appeal scrapped $1B fine over iPhone deal
Justin Sullivan

Qualcomm (NASDAQ:QCOM) shares rose on Friday as antitrust regulators for the European Union confirmed they would not appeal a court ruling that removed a $1B fine against the semiconductor company over its decision to supply Apple (NASDAQ:AAPL) with chips, Reuters reported.
"The Commission has carefully studied the judgment of the General Court in the Qualcomm (exclusivity payments) case and decided not to appeal to the Court of Justice," a spokesperson for the European Commission told the news outlet. 
Qualcomm (QCOM) shares rose 2% to $131.64 in early trading.
Last month, it was reported that the regulators from the EU would likely not appeal the decision because they felt it would be too difficult to convince the European Union Court of Justice on its merits.
In 2018, the European Commission said that Qualcomm's (QCOM) decision to pay billions of dollars to Apple (AAPL) to exclusively use its baseband chips in iPhones and iPads from 2011 to 2016 was an abuse of power.
In June, however, Qualcomm (QCOM) successfully appealed the fine when the General Court, the bloc's second-highest court, annulled the finding and said there were "a number of procedural irregularities" that impacted Qualcomm's right of defense.
"As regards the failure to have due regard for Qualcommâs rights of defense, the General Court finds that the Commission committed a number of irregularities when it was putting together the case-file," the statement read at the time.
Earlier this month, Meta Platforms (META) and Qualcomm (QCOM) entered into a deal to develop custom virtual reality chips.