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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Samsung Electronics Co., Ltd.    A005930   KR7005930003

SAMSUNG ELECTRONICS CO., LTD.

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South Korean antitrust chief says Google has undermined competition

10/22/2020 | 11:03am EST
FILE PHOTO: The Google sign is shown on one of  the company's office buildings in Irvine, California

SEOUL (Reuters) - South Korea's antitrust chief said on Thursday the agency believes U.S. search engine giant Google has undermined competition, adding that the agency plans to present a case to its review committee this year.

The U.S. government lodged an antitrust lawsuit against Google on Tuesday, and the company is facing growing criticism from some lawmakers in South Korea who accuse it of abusing its dominant market position.

Joh Sung-wook, head of the Korea Fair Trade Commission (KFTC), said that it was investigating allegations that Google restricts competition in the mobile application market and operating system market. The KFTC plans to send one of those cases to the deliberation committee by the end of this year, she said, without specifying which.

"When the KFTC looks at Google, there is an act that hampered competition," Joh told lawmakers in an annual parliamentary audit.

The committee will make a final decision as to whether any laws have been violated, and could fine the company, order corrective measures or bring a prosecution.

Google could not immediately be reached for comment.

Google is under investigation for allegedly blocking local smartphone makers such as Samsung Electronics from using other operating systems, as well as forcing developers to publish their games only to Google's Play Store, according to an official at the agency and a lawmakers' document.

South Korea is ranked near the top in terms of app revenue and the average number of apps installed per year, thanks to the world's most advanced mobile infrastructure, according to a blog post by a Google official.

In the home market of Android phone makers Samsung Electronics and LG Electronics, Google Play Store revenue in South Korea stood at nearly 6 trillion won ($5.29 billion) in 2019.

Jo also said the agency would investigate Google's plan to charge 30% commissions for in-app purchases made through its application store.

By Heekyong Yang and Hyunjoo Jin


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.11% 1823.76 Delayed Quote.36.16%
APPLE INC. -0.56% 122.25 Delayed Quote.67.46%
LG CORP. 1.09% 74100 End-of-day quote.0.41%
LG ELECTRONICS INC. 0.22% 90500 End-of-day quote.25.52%
SAMSUNG ELECTRONICS CO., LTD. 2.58% 71500 End-of-day quote.28.14%
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Financials
Sales 2020 238 290 B 220 B 220 B
Net income 2020 27 215 B 25,1 B 25,1 B
Net cash 2020 94 202 B 86,9 B 86,9 B
P/E ratio 2020 17,3x
Yield 2020 2,05%
Capitalization 480 739 B 443 B 444 B
EV / Sales 2020 2 017x
EV / Sales 2021 1 818x
Nbr of Employees -
Free-Float 82,9%
Chart SAMSUNG ELECTRONICS CO., LTD.
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Technical analysis trends SAMSUNG ELECTRONICS CO., LTD.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 39
Average target price 80 615,38 KRW
Last Close Price 71 500,00 KRW
Spread / Highest target 39,9%
Spread / Average Target 12,7%
Spread / Lowest Target -16,1%
EPS Revisions
Managers
NameTitle
Hyun-Suk Kim Co-President, Co-CEO & Director
Dongjin Koh Co-President, Co-CEO & Director
Kinam Kim President, Co-CEO & Director
Tae Moon Roh Co-President & Head-Research & Development
Jae-Wan Park Chairman
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