Samsung announces $7 billion share buyback plan boosting stock by 7%

Samsung Electronics announced a surprise plan to buy back about 10 trillion South Korean won ($7.19 billion) of its own shares over the next year. This marks the company's first buyback since November 2017. Following the announcement, Samsung's shares rose more than 7% in Seoul. This increase comes after a 7.21% jump on Friday, linked to a preliminary agreement with its largest workers union. The company plans to buy back 3 trillion won worth of shares in the next three months, with the remaining 7 trillion to be authorized by the Board later. Samsung's shares had recently hit a four-year low amid concerns over profit and competition in the chip market.