Stock Market

Samsung Secures 5G Solution Deal With Verizon Worth $6.6B

Samsung-Secures-5G-Solution-Deal-With-Verizon-Worth-$6.6B

On Friday, Samsung Electronics Company secured a contract with US telecom conglomerate, Verizon Communications Incorporation, to provide 5G wireless solutions, winning a massive deal worth $6.6B (7.9 trillion won).

The deal is one of the best contracts won for South Korea’s electronic giant conglomerate after the company decided nearly years ago to compete with global players like Ericsson & Nokia in offering telecommunication equipment, and thus, invested significantly in network operations.

Samsung, the most prominent electronic gadget & memory chips maker in the world, is working hard to increase its share in the fifth generation equipment industry globally and is also spending on developing next 6th generation mobile networks.

Besides, while the news of deal will aid the Samsung’s networking gear venture expand its market share percent in the wireless field, Huawei Technologies Company, which is a pioneer in the field, is stuck amid the US sanctions, with President Trump urging other nations to avoid the use of tech by the Chinese tech company.

Leave a Reply

Your email address will not be published. Required fields are marked *