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Samsung Stock Closes at a Record High

Samsung stock closed at a new record Thursday after it reported a solid first quarter.

Samsung (SSNLF)  stock closed at a new record Thursday after it reported a solid first quarter and conceded to a push by activist investor Elliott Management to boost returns by cancelling some of the shares it holds in its treasury.

The electronics giant said that first quarter revenue came in at 50.55 trillion Korean won ($44 billion), and increase of around 1.5% year on year, while operating profit rose nearly 50% to 9.90 trillion won.

Samsung also said it will cancel more than 40 trillion won of shares held in its treasury as its strong balance sheet and improved cash position means that it no longer sees any need to hold them.

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This article was written by a staff member of TheStreet.