Samsung shareholders reacted rapidly to the news of Samsung’s court defeat and a $1 billion US imposed fine, with $12 billion wiped off the market value, as shares fall by 7.5 percent in South Korea.

The court ruled that Samsung had copied key elements of the Apple iPhone and the ruling may see Apple now move to target other Android phone companies.

Samsung commented: “We trust that the consumers and the market will side with those who prioritise innovation over litigation, and we will prove this beyond doubt.”