Nokia says net royalty rates to Qualcomm fall

HELSINKI (Reuters) - Nokia's (NOK1V.HE) net royalty rates for access to Qualcomm's (QCOM.O) patents will drop with the new agreement between the two firms, a Nokia executive told Reuters on Thursday.

"We have recognized in this agreement and in financial terms of this agreement our very significant IPR position," Chief Financial Officer Rick Simonson said in an interview.

Simonson said undisclosed bookings Nokia had made for settling the row were larger than needed.

"They were more than enough," he said.

He declined to comment on the impact the settlement could have on Nokia's third-quarter earnings.

"This gives me incremental benefit and this is over 15 years. People should not be looking at the third quarter impact on a 15 year agreement," Simonson said.

Late on Wednesday in the United States, Qualcomm and Nokia agreed to settle a three-year, three-continent legal battle when Nokia agreed to make an upfront payment and pay royalties to the U.S. company.

(Reporting by Tarmo Virki, Editing by Jacqueline Wong)