Samsung Electronics (OTC: SSNLF ) announces plans to repurchase shares worth 10 trillion won (~$7.17B) as part of its strategy to boost shareholder value.
The Board of Directors approved the buyback program, which will be executed in phases over the next 12 months.
Samsung Electronics will repurchase 3 trillion won in shares from November 18, 2024, to February 17, 2025, as the first phase of its new buyback plan.
The buyback includes 50.14 million common shares and 6.91 million preferred shares, all of which will be canceled to enhance shareholder value.
The remaining portion of the share buyback program will be executed in phases, with timing and methods determined by the Board of Directors.
Samsung Electronics posted a net income of $7.1 billion for the third quarter, with $2.8 billion in profit from its chip division, boosted by strong AI and data center demand. However, delays in NVIDIA’s AI chip certification allowed competitors SK Hynix and Micron to gain an edge in high-bandwidth memory sales. Mobile chip sales dipped due to inventory adjustments.
Image credits: Arcansel on Shutterstock
Also Read: Nvidia Supplier SK Hynix Reports Record-Breaking Quarterly Profit As AI Demand Drives 7% Revenue Surge
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