It may have been a bad day for the stock market, but one struggling tech company managed to get a little lift after announcing a partnership with Microsoft.
On Friday, Microsoft (MSFT) said it signed a patent licensing agreement with action-camera maker GoPro (GPRO). The two companies revealed little about the specifics about the terms, only that it covers “certain file storage and other system technologies,” according to the announcement.
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“This agreement with GoPro shows the incredible breadth of technology sharing enabled through patent transactions,” Microsoft Technology Licensing president Nick Psyhogeos said in a statement. “Microsoft’s licensing of personal wearable technologies is seeing strong demand as we partner with companies from all industries to optimize solutions for their customers around the globe.”
GoPro has a rough couple of months after the company reported weak earnings in January and slashed around 7% of its staff.
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It continued Friday morning, along with many tech companies, when GoPro’s stock traded as low as $9.60, a far cry from the $93.70 its stock once reached during the fall of 2014. However, after the patent licensing deal was announced, GoPro’s shares rose 5.5% to $10.51 in after hours trading.