Samsung Electronics plans $59 billion share buyback, shares jump 8%
Samsung Electronics (SSNLF) plans a 90 trillion won (~$59 billion) share buyback program, Yonhap News Agency reported, driving shares up more than 8% on Wednesday.
Samsung Electronics () plans a 90 trillion won (~$59 billion) share buyback program, according to a report from Yonhap News Agency, with details expected to be announced soon [1]. The report helped send shares of the tech giant up more than 8% in Wednesday trading [1].
The $59 billion program would rank among the largest share repurchase announcements in global technology, representing a significant shift in capital allocation for the South Korean semiconductor and electronics manufacturer. The size of the buyback suggests management views the current valuation as an attractive use of the company's substantial cash reserves, accumulated through years of leading positions in memory chips and consumer electronics.
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