Samsung Electronics CEO DJ Koh image: Samsung

Samsung Electronics has posted its financial results for the first quarter of this year, recording 52.4 trillion Korean Won ($45 billion) in revenue and 6.2 trillion Korean Won ($5.4 billion) in profit for the period. This is down 60% from last year’s first quarter profit, attributable to a drop in memory chips prices and slowed display sales. Yet, Samsung said the newly launched Galaxy S10 logged strong sales.

Samsung’s Display unit turned a quarterly loss, citing lowered demand for flexible displays and increasing market supplies for large displays. For its smartphone division, profitability declined year-on-year despite strong sales of the Galaxy S10. Samsung cites softer demand in the overall smartphone market and a revamping of its product line-up as a reason for this.

DJ Koh presents the Samsung Galaxy Fold at this year’s Galaxy Unpacked event. The launch of the Galaxy Fold has been delayed after reports of breakdowns during tests. image: Samsung

On the other hand, sales of premium TVs like QLED TVs and ultra-large size models contributed to year-on-year earnings growth in the company’s Consumer Electronics (CE) Division. Samsung is projecting higher memory chip demand and a further recovery in its Display business for the second half of 2019.

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