Samsung Expects Smartphone Demand to Decline YoY as Firm Reports 69 Percent Plunge in Quarterly Profit
Samsung on Tuesday reported its lowest quarterly profit since 2014 and said persistent macroeconomic uncertainty will make for a tough first half year, though demand is likely to start recovering in the second half. Sluggish demand and inventory adjustment will continue to impact the chip business in the first quarter, Samsung said in a statement, adding it expects "smartphone demand to decline year-on-year due to the economic slowdown in major regions". The world's biggest maker of memory chips and smartphones reported a 69 percent plunge in fourth-quarter profit, as consumer demand for electronic devices dropped while clients spent less in a weak economy, dragging down memory chip prices. At KRW 4.3 trillion (roughly Rs. 29,000 crore), October-December operating profit was Samsung's lowest quarterly profit in eight years. Revenue fell 8 percent to KRW 70.5 trillion won (roughly Rs. 4.7 lakh crore). With memory chip prices falling by double-digit percentages in ...