Shares of Samsung Electronics on Monday tumbled over 7 percent, wiping USD 12 billion off its market value following the defeat to Apple Inc in one of the biggest patent cases in decades.
Seoul: Shares of Samsung Electronics on Monday tumbled over 7 percent, wiping USD 12 billion off its market value following the defeat to Apple Inc in one of the biggest patent cases in decades.
This is the South Korean giant’s biggest share fall in four years.
On Friday, a jury at a US federal court in San Jose, California, found that the South Korean electronics giant had copied six out of seven important features of Apple’s hugely popular iPhone and iPad for its phones and tablets. The verdict awarded Apple USD 1.05 billion in damages.
The patent war, termed as one of the biggest in history, is also the most closely followed and watched patent trials in years.
The verdict is also said to have surprised many with its speed considering that it was declared within three days of its deliberation. The victory is also likely to solidify Apple’s strong hold of the market, analysts said.
Following the defeat in the patent war, shares on Samsung, the world’s biggest technology firm in terms of revenue, tumbled by as much as 7.5 percent on Monday losing about USD 12 billion in the process.
Meanwhile, the South Korean giant is reportedly planning to appeal the decision to a higher court.