Samsung loses patent battle with Apple
A court case between Apple Inc. and Samsung Electronics may have determined the future of the smartphone market.
In a patent and trademark infringement case against Samsung, Apple was awarded $1.05 billion dollars in damages, one of the largest intellectual-property awards on record.
Samsung, a publicly traded company in the Korean stock exchange, lost 7.5 percent on Monday, August 27 following the verdict. This resulted in a loss of $12 billion to Samsung’s market capitalization.
Apple, on the other hand, closed out on the New York Stock Exchange, with a 1.8 percent increase, resulting in an $11 billion gain. This brought Apple’s market capitalization, already the highest in the world, to $633 billion.