Monday, August 27, 2012

Samsung shares drop $12 Billion after court loss

Yes that`s 12 with big "B". Reuters reports:

"Samsung Electronics shares slumped 7.5 percent on Monday, wiping more than $12 billion off the South Korean giant's market value, as a sweeping victory for Apple Inc in a U.S. patent lawsuit raised concerns about its smartphone business, its biggest cash cow.

Samsung, which says it will contest the verdict, was ordered to pay $1.05 billion in damages after a California jury found it had copied critical features of the hugely popular iPhone and iPad and could face an outright sales ban on key products."

I`m guessing Samsung is really regretting not taking that $250 million licensing fee olive branch Apple offered them a while back, probably looking like a steal right about now, hindsight is 20/20.

more here

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