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In a statement, Qualcomm said it does not agree with the decision, but acknowledged it is binding and cannot be appealed. BlackBerry CEO John Chen indicated he wants to continue the pair’s long relationship as his company shifts its focus to software.

“We are pleased the arbitration panel ruled in our favor and look forward to collaborating with Qualcomm in security for ASICs and solutions for the automotive industry,” Chen said in a statement.

BlackBerry’s shares soared 16 per cent on the news, less than two weeks after it jumped 11 per cent on the back of quarterly results that suggested its strategy to ditch smartphones and become a multi-faceted software company is starting to work.

Numerous analysts raised their price targets for BlackBerry given the finality of the arbitration.

CIBC analyst Todd Coupland upgraded BlackBerry to neutral from underperformer, writing in a research note that investors still have to wait for evidence that growth is materializing in enterprise device management and the auto sector.

Others expect BlackBerry will use the cash to restart acquisition activity.

“With BlackBerry planning to invest for growth in its software businesses, the surprising arbitration award and $815M in cash from Qualcomm will bolster BlackBerry’s balance sheet and increase the likelihood of acquisitions to augment growth,” Canaccord Genuity analyst Michael Walkley wrote in a note to clients.

Canaccord maintained its hold rating for the stock as it looks for more disclosure surrounding BlackBerry’s new software offerings.