Samsung operating profit down sharply on slower chip demand - InfoNews

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Samsung operating profit down sharply on slower chip demand

In this Wednesday, Jan. 30, 2019, photo, visitors try out Samsung Electronics' Galaxy Note9 smartphones during an industrial fair in Seoul, South Korea. South Korean technology giant Samsung posted on Thursday, Jan. 31, 2019, a near-30 percent drop in operating profit for the last quarter after seeing slowing global demand for its memory chips and smartphones. (AP Photo/Ahn Young-joon)
January 30, 2019 - 6:20 PM

SEOUL, Korea, Republic Of - Samsung Electronics Co. has posted a near-30 per cent drop in operating profit for the last quarter after seeing slowing global demand for its memory chips and smartphones.

The South Korean technology giant on Thursday said its operating profit during the October-December quarter declined 28.7 per cent at an annual pace to 10.8 trillion won ($9.7 billion). Sales fell by more than 10 per cent to reach 59.3 trillion won ($53.3 billion), while net income fell 31 per cent to reach 8.5 trillion won ($7.6 billion).

Samsung says demand for its memory chips decreased due to "mounting external uncertainties" and inventory adjustments at major customers. It says smartphone sales also weakened amid a stagnant global market.

News from © The Associated Press, 2019
The Associated Press

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