BlackBerry shares surged on Wednesday after the company said it was rewarded a preliminary $814.9 million in arbitration against Qualcomm for royalty overpayments.
The figure is about 20 percent of BlackBerry’s U.S. market capitalization. The Canadian company’s U.S.-traded shares jumped more than 19 percent in premarket trade on the news.
BlackBerry extended-hours trade
Source: FactSet
Shares of Qualcomm fell nearly 1 percent in premarket trade. The chipmaker did not immediately respond to a CNBC request for comment.
“BlackBerry and Qualcomm have a longstanding relationship and continue to be valued technology partners,” BlackBerry CEO John Chen said in a statement.
Qualcomm shares are 15 percent lower year to date, while BlackBerry is up more than 11 percent.