Seoul — Samsung Electronics, the world’s biggest smartphone maker, added more than $1bn to its market capitalisation on Friday as investors cheered positive reaction to its new Galaxy S8 and the device went on sale over the counter. The device, unveiled in New York in March and a challenge to Apple’s iPhone, is the firm’s first major launch since last year’s humiliating withdrawal of the Galaxy Note 7 over exploding batteries, which hammered its once-stellar reputation. It also comes with vice-chairman Lee Jae-Yong and other executives on trial for bribery over their alleged role in the graft scandal that brought down former president Park Geun-Hye. But the company’s profits are rising and the new phones have received good reviews, with more than 1-million pre-orders for the S8 and the larger S8+ in South Korea alone. Shares in Samsung Electronics rose 1.2% to close at 2.04-million won ($1,797) Friday, adding about 1.3-trillion won to its total market capitalisation. "Market reactio...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.