Samsung Loses $12 Billion after Apple's Win
Bangalore: The effect of Samsung’s loss against Apple in the patent war has started to appear. The South Korean Smartphone maker lost $12 billion after its shares dropped by 7%.
Samsung was ordered to pay $1.05 billion in damages after a California jury found it had copied some features of the iPhone. The company though will make an appeal against the verdict.
"There are still too many variables including the final ruling to come at least a month from the recent verdict, and whether there will be a sales ban on Samsung's main sellers such as the Galaxy S III," said a fund manager at a Korean asset management company that was one of the biggest institutional holders of Samsung's stock as of end-March.
Shares in the world's biggest technology firm tumbled as much as 7.7 percent, its biggest daily percentage drop in nearly four years, to 1.177 million Korean won.
In the most closely watched patent trial in years, the jury at a federal court in San Jose, California, found that Samsung infringed on six of seven Apple patents.