Samsung shares tumble after Apple's US court victory

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Samsung shares tumble after Apple's US court victory

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Shares in Samsung Electronics fell more than seven per cent on the Seoul Stock Exchange on Monday, on the first day of trading since Friday’s legal defeat in the US to its rival Apple.

By the end of the trading on Monday nearly 10 billion euros had been wiped off the value of the South Korean company.

Samsung was ordered to pay Apple more than 800 million euros in damages after a Californian jury found it had copied features from its rival’s iPhone and iPad.

Analysts estimate that patents issues will pull down Samsung’s earnings by four percent this year.

Cases in other countries have either found Samsung to be innocent or ruled that both it and Apple copied each other. The US case however was the most closely watched patent trial in years.

Samsung plans to appeal, while Apple is seeking a sales injunction which could lead to an outright ban on sales of key Samsung products in the US.