A Samsung Group flag flies in front of the company’s Seocho building in Seoul.
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Shares of Samsung Electronics jumped on Monday after the company. Unveiled an amazing plan to buy back. own stock worth about 10 trillion South Korean won ($7.19 billion) over the next 12 months.
The South Korean tech company’s stock rose more than 7 percent in Seoul, following the news that shares had already risen 7.21 percent on Friday. The company arrived A preliminary agreement with its largest workers’ union, which went on strike in July.
Samsung last bought shares in November 2017, according to data maintained by LSEG.
In one Regulatory Filingsthe company said 3 trillion won shares will initially be bought back and canceled over the next three months.
While the remaining 7 trillion won worth of share repurchases “will be authorized accordingly by the board, which will decide on ways to increase shareholder value, including when and how to use treasury shares, He added.
Shares of Samsung hit four-year lows on Nov. 15, after the company posted disappointing profit guidance for its third quarter and Amid concerns about tariffs After the US President-elect Donald Trump won the presidential election.
The company has fallen behind rival SK Hynix in the race to supply high-bandwidth memory, or HBM chips, a key component used by AI leader Nvidia, analysts told CNBC. That Samsung has not been able to bridge the gap with SK Hynix on the HBM development roadmap.”
HBM is a type of dynamic random access memory, known as DRAM. DRAM is often used in laptops, workstations and PCs.
According to South Korean media, SK Hanks. The first chipmaker Nvidia to deliver fifth-generation HBM3E chips in March
— CNBC’s Arjun Kharpal contributed to this report.
