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Samsung unveils US$10bn share buyback with Q3 profit surge
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South Korea's Samsung Electronics pulled out of an extended earnings dive Thursday, reporting a nearly 30 percent surge in third-quarter net profit and announcing a US$10 billion share buyback.
Favourable exchange rates and a renewed focus on components were behind the profit jump, as Samsung sought to shake off the loss of smartphone market share to Apple Inc in the premium segment, and to Chinese rivals at the lower end.
Net profit in the July-September period stood at 5.46 trillion won (US$4.8 billion) -- an increase of 29.3 percent on the previous year and snapping a streak of seven consecutive quarterly declines.
The company estimated overall gains from a weakening won against the dollar at 800 billion won for the quarter -- generated mostly from the components business which takes in chips, displays and screens.
However, it warned that earnings might shift downwards in the fourth quarter when the exchange rate benefits would be less pronounced.
The cash-rich electronics giant also announced it would buy back and cancel 11.3 trillion won in shares, while also ramping up capital spending.
"Samsung believes that the current share price and the market value of Samsung Electronics are severely undervalued both in terms of the ability to generate earnings and also in terms of the underlying asset or equity value of the company," it said.
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