BlackBerry (Toronto Stock Exchange: BB-CA) shares surged on Wednesday after the company said it was rewarded a preliminary $814.9 million in arbitration against Qualcomm (QCOM) 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, before closing up over 15 percent on Wednesday.
Shares of Qualcomm closed down over 3 percent. 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.
As of Wednesday’s close, Qualcomm shares are 18 percent lower year to date, while BlackBerry is up more than 29 percent.