Samsung Embarks on Share Buyback as Chips Fuel Higher Profit
- Stock repurchase is part of previously announced plan
- Mobile business recovering after Note 7 debacle last year
Samsung Profit More Than Doubles on Chip Sales
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Samsung Electronics Co.’s profit more than doubled in the last three months of 2016 on robust semiconductor sales and a recovery in its mobile business, giving it enough stamina to buy back 9.3 trillion won ($8 billion) of its own shares.
Net income rose to 6.92 trillion won in the December quarter, largely buoyed by rising prices for memory chips and TV screens, the Suwon, South Korea-based company said in a statement Tuesday. Growth in demand for smartphone displays coupled with a weaker Korean won also lifted its component businesses. The repurchased shares, part of a shareholder return program unveiled in November, will be canceled, the company said.