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Samsung’s stock price fell 7 percent today in the first full day of trading after it lost a big patent lawsuit with Apple.
A jury in San Jose, Calif., awarded Apple a $1.05 billion judgment for violating patents related to the iPhone. Apple had alleged that it took five years to design the iPhone and Samsung copied it in three months. Shares of Samsung fell 89,000 South Korean Wan ($78.38) to 1.19 million SKW ($1,043.88). That was the largest decline since October 2008 for the Korean electronics giant, and it amounted to a loss of $12 billion in market value.
Samsung called the verdict “a loss for the American consumer” and promised to appeal. Apple is expected to file for injunctions against Samsung’s products that allegedly violate the patents. If the Apple injunctions are upheld, Samsung’s smartphone sales could take a big hit. Samsung sold 52 million smartphones in the second quarter. Analyst said that Samsung’s earnings could take a 4 percent to 5 percent hit this year due to increased patent-related set asides.