What are you searching for ?

Business

Samsung Electronics Rallies with $7 Billion Stock Buyback

Samsung Electronics Rallies with $7 Billion Stock Buyback
 

Samsung Electronics saw a significant rise in its stock price, climbing more than 7% on Monday. This surge followed the announcement of a surprising $7.19 billion stock buyback plan, set to unfold over the next year.

The company’s shares had already experienced a 7.21% increase on Friday. This was after reaching a preliminary agreement with its largest workers union, which had been on strike since July.

 

According to a regulatory filing, Samsung plans to repurchase 3 trillion won of shares over the next three months, which will then be canceled. The remaining 7 trillion won will be managed by the Board to enhance shareholder value through strategic decisions regarding treasury shares.

This buyback marks Samsung’s first since November 2017 and comes after its shares hit a four-year low on November 15. The drop was attributed to disappointing profit guidance for the third quarter and concerns about potential tariffs following the U.S. presidential election results.

 

Despite this positive move, Samsung faces challenges in the competitive tech landscape. The company has lagged behind SK Hynix in providing high bandwidth memory (HBM) chips, crucial for AI applications. SK Hynix recently became the first to supply fifth-generation HBM3E chips to Nvidia.

The buyback plan is seen as a strategic effort to boost investor confidence and stabilize the company’s market position amidst ongoing industry challenges.

 
 


Crypto and Metals



btc us101,937 USDBitcoin
eth us2,427.89 USDEthereum
xrp us2.10161 USDXRP
xau us3,361.80 USDGold Ounce
xag us35.7632 USDSilver Ounce
xpd us1,009.40 USDPalladium Ounce
xpt us1,138.56 USDPlatinum Ounce


Important Stocks >>




Latest News

Business

The global automotive industry is sounding the alarm as China’s recent export restrictions on rare earth elements begin to ..

Business

Nissan’s new CEO, Ivan Espinosa, has announced a bold short-term strategy to address the company’s ongoing struggles. Espinosa emphasized ..

News

The Dutch government has fallen following a decision by far-right leader Geert Wilders to withdraw his Party for Freedom ..

Business

tariffs on steel imports, a move aimed at bolstering domestic production. The decision, which raises tariffs from 25% to ..