Nokia said on Friday it had signed a new long-term patent license agreement with Apple, as the current license between the companies expires at the end of 2023.

While terms of the agreement remain confidential between the companies, it covers Nokia’s inventions in 5G and other technologies.

Nokia said the company expects to recognize revenue related to the agreement starting January 2024, and it is consistent with the company's long-term outlook disclosed in the first quarter.

Nokia’s patent portfolio is built on more than 140 billion euros ($152.70 billion) invested in research & development and is composed of around 20,000 patents, including over 5,500 declared essential to 5G, the Finnish company said.

"The agreement reflects the strength of Nokia’s patent portfolio, decades-long investments in R&D, and contributions to cellular standards and other technologies," said Jenni Lukander, president of Nokia Technologies.

($1 = 0.9168 euros)

(Reporting by Khushi Mandowara in Bengaluru; Editing by Maju Samuel)