Samsung reports big fall in profit but expects Galaxy S10 to ‘prop up’ performance
Samsung Electronics has turned in an earnings report in line with its guidance, as happens every quarter. The difference this quarter, though, is that the guidance was unexpectedly bad, and so as predicted the company’s 10.8 trillion-won (~$9.7 billion) operating profit is down 29 percent year on year. Revenue dropped 10 percent from a year earlier to 59.27 trillion won ($53.3 billion), slightly on the high end of Samsung’s provided range.
Samsung says its earnings were primarily affected by falling demand for memory chips, usually its biggest profit driver, as well as slowing smartphone shipments and increased competition for mobile displays. The company doesn’t expect demand for memory to pick up this quarter, either, and is warning of…
