27 Aug '12, 6am

Samsung shares plunge 7.5% after US patent ruling in Apple's favour

Samsung shares plunge 7.5% after US patent ruling in Apple's favour

SEOUL (AFP) - South Korea's Samsung sought on Monday to rally employees after a $1.05 billion (S$1.31 billion) United States (US) court judgment in favour of arch-rival Apple pushed its shares sharply lower amid fears about the fallout in the key American market. Samsung shares tumbled 7.5 per cent, the biggest single-day percentage drop the electronics giant has seen in nearly four years, after a California jury last week said the firm had infringed on half a dozen patents held by Apple. Shares of other Asian smartphone makers which run Google's Android operating system, the partial target of Apple's lawsuit, were also lower. Analysts said the fine was not a major issue for Samsung, the world's biggest technology firm, but the jury verdict raised concerns about a possible ban on some US sales when the judge in the case makes her final ruling.

Full article: http://www.straitstimes.com/breaking-news/money/story/sam...

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