Samsung disappoints by first quarter profit
The world's biggest smartphone and memory chip maker reported the biggest in more than two years slump in first-quarter net profits. Net profits in the January-March period were 5.04 trillion won ($4.3 billion) — the lowest since the third quarter of 2016 and down 56.9 percent year-on-year.
Samsung posts the weakest profit in more than two years, stocks fell 0.4% in Korea
Stocks impacted: Samsung Electronics Co Ltd (SE)
Operating profit also plunged 60.2 percent to 6.2 trillion won, while sales fell 13.5 percent to 52.4 trillion won. The company warned of more short-term pain in the second quarter, with memory chip prices likely to decline further before a rebound in demand. As a reminder, last week, Samsung announced a delay in the launch of its first foldable smartphone from the planned April 26 debut after reports of screen failures among some review units.
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