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 us93,370.7 USDBitcoin
eth us1,764.60 USDEthereum
xrp us2.21043 USDXRP
xau us3,349.41 USDGold Ounce
xag us33.5806 USDSilver Ounce
xpd us951.511 USDPalladium Ounce
xpt us974.602 USDPlatinum Ounce


Important Stocks >>




Latest News

Business

The world’s largest sovereign wealth fund, managed by Norges Bank Investment Management, has reported a staggering $40 billion loss ..

Business

In a statement that underscores the growing strain in U.S.-China economic relations, China’s Ministry of Commerce confirmed there are ..

Business

The recent first-quarter earnings report from SAP, the German software giant, offers a masterclass in resilience and adaptability in ..

Business

The European Union’s decision to impose substantial fines on two of the world’s largest tech companies, Apple and Meta, ..