Samsung Deploys Cash With $10 Billion Buyback, Capex Boost
- Profit misses estimates on tepid high-end smartphone sales
- Earnings in December quarter are projected to decline
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Samsung Electronics Co. is tapping its $50 billion cash pile to buy back shares and invest in its components business after struggles in the smartphone division battered investors.
The company will buy back and cancel 11.3 trillion won ($10 billion) of shares and boost capital spending by 14 percent this year, Samsung said Thursday. The announcements came after the company posted profit that trailed analyst estimates.