Samsung loses patent battle with Apple

­­­Chelsea Ratterman

 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.

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