01:24 PM EDT, 03/19/2024 (MT Newswires) -- (Updates to include statement from Nokia ( NOK ) in the fourth and fifth paragraphs.)

Reddit said Tuesday that it will evaluate claims from Nokia ( NOK ) that the social media platform company infringed certain of the Finnish company's patents.

Nokia ( NOK ) mentioned the claims in a letter sent to Reddit Monday, Reddit said in an amendment to its registration statement related to its initial public offering.

"As we face increasing competition and become increasingly high profile, the possibility of receiving more intellectual property claims against us grows," Reddit said in the filing.

Nokia ( NOK ) told MT Newswires that it has invested about 150 billion euros ($163 billion) since 2000 into technologies that "are the essential building blocks of entire industries, from smartphones to video streaming and social media."

"Nokia ( NOK ) is seeking compensation for the use of these key inventions and will reinvest the royalties in the development of next generation communication and multimedia technologies," the company said.

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