Samsung reports a drop in profit and revenue
The company’s stocks declined over 3% following the report
Stocks impacted: Samsung Electronics Co. (005930)
The South Korean tech giant reported a 38.5% decline in fourth-quarter net profit, to $4.4 billion while operating profit was down 34%, in line with previous estimates. The continued fall in memory chip prices and weakness in display panels were the main causes of the profit drop. Meanwhile, the improving demand for memory used in servers and mobile products helped to ease the decline in overall earnings. The company said it expects improvements in its overall business performance in 2020. Still, Samsung forecasts further earnings decline in the first quarter due to a lower seasonal demand. Shares of Samsung were down 3.21% following the report. Since the start of the year, stocks gained nearly 6% after a surge by 44% last year.
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