What: Shares of VirnetX Holding Corporation (VHC -2.50%) have skyrocketed today, up 55% as of 11:39 a.m. ET after the company was awarded a major patent victory against Apple (AAPL 1.27%).
So what: The jury determined that certain Apple services, such as iMessage and FaceTime, infringe on VirnetX patents and that Apple now owes the patent troll $625.6 million. This is now the second patent victory that VirnetX has claimed over the Mac maker.
Now what: While $625.6 million would only put a modest dent in Apple's cash position, it represents a significant windfall for VirnetX. The smaller company derives all of its revenue from patent licensing and lawsuits as a non-practicing entity (the technical term for a patent troll). For context, VirnetX generated just $1.1 million in total revenue throughout the first three quarters of 2015, resulting in a $21.5 million net loss. This award will help replenish its coffers until its next patent-related windfall.
