Samsung Group flags fly in front of the company’s Seocho building in Seoul.
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Samsung Electronics shares rose on Monday Announcement of surprise buyback plan It will hold approximately 10 trillion won ($7.19 billion) worth of its own shares over the next 12 months.
Shares of the South Korean tech giant rose more than 7% in Seoul following news that the stock had soared 7.21% on Friday. The company reaches A tentative agreement was reached with its largest union, which went on strike in July.
Samsung last repurchased shares in November 2017, according to data maintained by LSEG.
in a Supervision filingThe company said it would initially repurchase and cancel 3 trillion won of shares in the next three months.
It added that the repurchase of the remaining 7 trillion won worth of shares will be “appropriately authorized by the board of directors, which will determine methods to enhance shareholder value, including when and how to use treasury shares.”
On November 15, after Samsung released its earnings report, its stock price fell to its lowest point in four years. Profit guidance disappointing Season 3 and Amid concerns about tariffs After US President-elect Trump won the presidential election.
Company owned Lagging behind rival SK hynix In the race to supply high-bandwidth memory (HBM chips), a key component used by leaders in artificial intelligence NVIDIAAnalysts told CNBC, “It’s fair to say that Samsung has failed to close the gap with SK Hynix on HBM’s development roadmap.”
HBM is dynamic random access memory, called DRAM. DRAM is commonly used in laptops, workstations, and PCs.
According to Korean media reports, SK Hynix first chip manufacturer The world’s No. 1 company will supply fifth-generation HBM3E chips to Nvidia in March.
—CNBC’s Arjun Kharpal contributed to this report.
