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Net profit of Samsung Electronics fell by 30% due to weak demand for memory chips and smartphones. In the last quarter of 2018, Samsung's net profit fell to 8.5 trillion won from 12.2 trillion won in 2017. Operating profit declined by 28.7% to $9.7 billion, while revenue fell by 10.2% to $52.9 billion, or 59.2 trillion won. Analysts' forecasts were higher - net profit at the level of 8.6 trillion won and revenues at the level of 59.6 trillion won. The company received a minimum profit from the third quarter of 2016, when it had to withdraw sales of Galaxy Note 7. Samsung considers the decline in demand for memory chips and the weakening of the smartphone market to be the main reasons for the decline in the company's profit. At the same time, 2018 brought Samsung a record profit of 44.3 trillion won, while revenue rose to 245 trillion won. After the publication of the financial report, the company's shares fell by 0.2%.
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
Samsung Electronics’ shares joined TSMC, its competitor, as both extended gains on Tuesday. This was mainly from upbeat expectations that Intel Corp’s plan of outsourcing more chip producers would favor the chipmakers. Shares of ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
On Tuesday, the International Air Transport Association (IATA) announced that international airlines are in line to make a combined net loss of more than $84 billion this year due to the coronavirus crisis which has decimated air travel demand. According ...
The National Bank of Canada and Scotiabank reported acceptable second-quarter results on Tuesday. Both banks surpassed analysts’ estimates even though their respective profits suffered from loan-loss provisions due to the novel coronavirus ...
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