Samsung Electronics Co. (SSNLF) is expected to make a record-high investment in research and development projects this year, as it tries to take on Apple.
Samsung Electronics invested 7.9 trillion Korean won ($6.9 billion) in research projects over the first half of 2017, up 5.7% from a year earlier, sources told the Yonhap News Agency.
The money is said to be used to secure new growth markets. Industry watchers the 2017 yearly amount is set to hover far above the previous record of 15.3 trillion won posted in 2014.
Expenditures on research accounted for 7.1% of Samsung sales in the first half.
LG Electronics also looks set to put a record amount into R&D. LG Electronics allocated 2.02 trillion won to research projects in the first half, 0.8% more than the year earlier. If LG spends the same amount in the second half, it will mark the first time for the firm to spend more than 4 trillion won on research annually.
Samsung closed 0.3% down Friday, while LG lost 0.82%. Apple shares were up 0.09% in premarket trading, after closing 1.92% down Thursday at $157.86.
More of What's Trending on TheStreet: