Share

Samsung quarterly profit likely fell sharply as chips drop

Share

SEOUL, South Korea (AP) — Samsung Electronics Co. said Friday its operating profit for the last quarter likely fell more than 60% from a year earlier amid falling memory chip prices and slowing demand for display panels.

The South Korean technology giant estimated an operating profit of 6.2 trillion won ($5.4 billion) for the January-March quarter, which would represent a 60.4% drop from the same period last year.

The company said revenue likely fell 14% to 52 trillion won ($45.8 billion), but didn’t provide a detailed account of the estimated performances of each business division. It will release a finalized earnings report later this month.

Samsung last week predicted that its first-quarter earnings would fall below market expectations because of a larger-than-expected decline in chip prices and weak demand for display panels.

Samsung, which has dual strength in parts and finished products, is the world’s biggest maker of memory chips and smartphones.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
Share
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation