- General
- April 30, 2019
- 4 minutes read
Samsung Records 60% YoY Drop In First Quarter Profit
Samsung Electronics CEO DJ Koh image: Samsung Samsung Electronics has posted its financial results for the first quarter of this…
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Samsung Electronics CEO DJ Koh
image: Samsung
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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.
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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
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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.