Better than expected results: The cash-rich electronics giant announced it would buy back and cancel 11.3tril won (RM42.45bil) in shares, while also ramping up capital spending.
SEOUL: South Korea’s Samsung Electronics pulled out of an extended earnings dive, reporting a nearly 30% surge in third-quarter net profit and announcing a US$10bil (RM42.91bil) share buyback.
Favourable exchange rates and a renewed focus on components were behind the profit jump, as Samsung sought to shake off the loss of smartphone market share to Apple Inc in the premium segment, and to Chinese rivals at the lower end.
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