Samsung's next move: A $22 billion bet on new tech
Samsung's next move: A $22 billion bet on new tech
Samsung will put more than $22 billion toward tech like AI and 5G. Jung Yeon-je AFP Getty Images
10 August, 2018, 19:25
Total sales for April-June fell 4.1 per cent year-on-year to 58.48 trillion won, with revenues for the company's mobile division plunging 22 per cent in the same period.
That sum is 6% greater than the investment made by the South Korean conglomerate over the past three years, according to Reuters.
It said the group plans to significantly expand artificial intelligence (AI) research capability, increasing the number of advanced AI researchers to 1,000 across its global AI centres, and heavily invest in biopharmaceuticals.
"Samsung aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving, utilizing its leadership in semiconductors, telecommunications and display technologies", stated the Samsung investment announcement.
The €19.25 billion investment is part of a wider KRW180 trillion (€138.64 billion) spend to support capex and research and development.
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The new strategy will entail an overhaul of Samsung's internal venture incubation program, said the company. Samsung has been beefing up its contract drug making operations to help counter a potential decline in its mainstay electronics businesses. "But Samsung can be more active in M&As to do better at AI or 5G, when Lee is fully back to his business", Greg Roh, an analyst at Hyundai Motor Securities, said.
It is noted that these attachments are part of the three-year investment plan with a total volume of 180 trillion won, aimed at creating new jobs and providing new sources of growth.
Samsung's second quarter profit dipped slightly to 11.04 trillion won, down from 11.05 trillion won a year earlier.
In order to beef up the competitiveness of local small and medium-sized firms, Samsung said it will assist local firms with adopting smart factory production solutions under cooperation with the Ministry of SMEs and Startups. This will lead to the creation of an additional 15,000 jobs, Samsung said.
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