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Samsung Electronics vows mobile rebound, dangles buyback after Note 7 shock

Samsung Electronics vows mobile rebound, dangles buyback after Note 7 shock

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Date: 27 October 2016 11:46

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Baku, October 27, AZERTAC

Samsung Electronics Co Ltd on Thursday said it aims to recover quickly from the disastrous withdrawal of the fire-prone Galaxy Note 7 that dragged third-quarter mobile earnings to their lowest level in nearly eight years, according to Reuters.

The South Korean giant said it was expanding its probe into the Note 7 fires beyond batteries, as it tried to reassure investors that it would get to the bottom of one of the worst product failures in tech history.

It also held out the prospect of greater returns by disclosing considerations of a share buyback, talked up its semiconductor business and promised to consider proposals for a corporate makeover from U.S. hedge fund Elliott Management.

The world's top smartphone maker posted a 96 percent plunge in third-quarter mobile earnings to 100 billion won ($87.63 million) from a year earlier, their lowest level since the fourth quarter of 2008.

The result, the first since the mass recall and subsequent cancellation of the premium Note 7 earlier this month, spared Samsung from its first-ever mobile loss even though overall profit hit a two-year low.

Operating profit was 5.2 trillion won ($4.57 billion), matching Samsung's revised guidance. The firm initially


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