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Economy Samsung Wins $6.6 Billion 5G Verizon Deal !
2020.09.07 06:43
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Samsung Wins $6.6 Billion 5G Verizon Deal While Huawei Struggles
 
(Bloomberg) -- Samsung Electronics Co. won a 7.9 trillion won ($6.6 billion) order to provide fifth-generation wireless solutions to Verizon Communications Inc. in the U.S., a big win for the electronics giant’s networking gear business.
The contract was finalized Friday and is valid from June 30 through December 2025, it said in a regulatory filing.
The deal marks one of Samsung’s biggest 5G contracts since Korea’s largest corporation decided years ago to invest in networking and compete with global players like Nokia Oyj and Ericsson in providing telecom equipment. It should lift Samsung’s market share in the wireless industry at a time leader Huawei Technologies Co. is grappling with U.S. sanctions and Washington’s effort to get allies around the world to shut out the Chinese company.
Read more: Samsung’s Lee Looks Beyond Next 10 Years With 6G, System Chips
Nokia’s shares fell as much as 2.5% Monday in Helsinki. Liberum analyst Janardan Menon cited past evidence that the Finnish telecom gear giant is losing share at the largest American carrier to Ericsson, potentially hampering its longer-term investment in technology.
“With this latest long-term strategic contract, we will continue to push the boundaries of 5G innovation to enhance mobile experiences for Verizon’s customers,” Samsung said in an emailed statement. Samsung, the world’s largest memory chip and electronics gadget maker, has been pushing hard to expand its market share in the 5G equipment market and investing in sixth-generation mobile networks. The company didn’t provide further details about the Verizon deal. The U.S. carrier gained a much-needed mid-band spectrum for its 5G rollout after emerging among the top winners in a recent U.S. auction of airwaves.
For more articles like this, please visit us at bloomberg.com ©2020 Bloomberg L.P.
Copied from an Internet News, SNUMA WM, September 7, 2020 |
Comment 2
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Well said, WM.
Samsung certainly has been Korea's national pride along with others you mentioned.
It is incredible to realize S Korea has been at the forefront of 21st century IT with
the brightest future that promises to continue to dominate the world although China,
the USA, and other powers continue to bully us every which way.
I hope and pray that the political freedom of SK continues to guarantee the growth
and development of Koreans' creativity and ingenuity in the future.
The Samsung of Korea seems to have no end in its intrusion into the world's technology market.
It is already the number one semiconductor producer of the world.
Together with LG, Daewoo, Hyundai, and other Korean companies, it is conquering the world.
They are making South Korea as the world's premier civilized nation.
Only if the Moon's Korean regime wakes up from the communist's idea and helps these companies,
there will be the ultimate glories we, Korean people, should deserve.
Would you believe the Moon's regime is trying to put Jay Y. Lee into jail?
They don't seem to realize that Samsung and Lee are the feeding hands
of the Korean economy and finance.
How stupid the handful of Korean leftists and communists are? When are they going to wake up?