Samsung Tumbles After Apple’s Legal Victory
- 12 years ago
Shares of Samsung Electronics tumbled more than 7 percent on Monday as Apple sweeping legal victory over the South Korean firm raised concerns about its smartphone business.
A jury found Samsung had copied critical features of the hugely popular iPhone and iPad and awarded Apple 1 billion dollars in damages. Shares in Samsung tumbled 7.5 percent, its biggest daily percentage drop in nearly four years. Analysts estimate Samsung's earnings will be reduced by 4 percent this year due to increased patent-related provisioning.
In the most closely watched patent trial in years, the jury found that Samsung infringed on six of seven Apple patents. The verdict could lead to an outright ban on sales of key Samsung products and will likely solidify Apple's dominance of the exploding mobile computing market.
Apple plans to file for a sales injunction against Samsung, and the judge in the case set a Sept. 20 hearing on the proposed injunction.
A jury found Samsung had copied critical features of the hugely popular iPhone and iPad and awarded Apple 1 billion dollars in damages. Shares in Samsung tumbled 7.5 percent, its biggest daily percentage drop in nearly four years. Analysts estimate Samsung's earnings will be reduced by 4 percent this year due to increased patent-related provisioning.
In the most closely watched patent trial in years, the jury found that Samsung infringed on six of seven Apple patents. The verdict could lead to an outright ban on sales of key Samsung products and will likely solidify Apple's dominance of the exploding mobile computing market.
Apple plans to file for a sales injunction against Samsung, and the judge in the case set a Sept. 20 hearing on the proposed injunction.