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Samsung shares drop as much as 6.6% after return-plan delay, Bloomberg says
Techmeme, carrying Bloomberg, said Samsung Electronics shares reversed earlier gains and fell as much as 6.6% after earnings omitted a new shareholder-return plan, which the company said it would detail at the end of January.
Samsung Electronics Co. shares reversed earlier gains and fell as much as 6.6% after the company's earnings omitted a new shareholder-return plan, Techmeme reported Thursday, carrying a Bloomberg account1.
The South Korean chipmaker said it will announce the plan at the end of January, according to that account1.
The reaction contrasted with peer SK Hynix Inc., which on Wednesday delivered a strong earnings report and said it intended to return about $45 billion more to shareholders, Bloomberg reported1.
Sentiment toward Samsung was also hurt as profit from the company's chip operations missed estimates and capital expenditure expanded, according to the Bloomberg account summarized on Techmeme1.
The Techmeme item listed the delayed return plan, higher capital spending, and the chip unit's profit miss as factors weighing on investor sentiment1. Independent confirmation of the full earnings tables was not reviewed for this filing.
