Samsung wins Verizon order for network equipment
The company’s shares jumped as much as 3% in a knee-jerk reaction to the news
Stocks impacted: Samsung Electronics (005930), Verizon (VZ)
Samsung Electronics reported it has won a $6.64-billion order to provide wireless communication solutions to Verizon in the United States. Verizon had already been a Samsung customer before the order. The South Korean firm said in a regulatory filing the period of the contract, which Samsung’s U.S. unit signed with Verizon Sourcing LLC, is from June 30, 2020 to December 31, 2025. The company declined to comment on detailed terms of the contract such as the portion of 5G-capable equipment included. Samsung Electronics jumped as much as 3% in a knee-jerk reaction to the news but finished just 1.62% higher in Asia as the general investor sentiment left much to be desired at the start of the week.
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