Apple paid Samsung USD 683 million after lackluster iPhone sales

Last month reports started circulating claiming Apple was fined a significant amount for failing to meet its sales figures for its OLED smartphones. These reports turned out to be true and now it appears that Apple has reimbursed Samsung a massive 800 billion won or USD 683 million as it failed to honour its agreement to buy a certain number of display panels.

Torrid iPhone sales saw Apple needing to fork out USD 683 million and as per a report by Reuters, Samsung’s second-quarter forecast dipped but certain gains like the Apple payment helped it best analyst estimates.