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Aya Lin · · 1 min readIn brief: Samsung’s Q1 operating profit plunges 60%
- Samsung announced that its Q1 2019 revenue fell by 13% year-on-year to 52.4 trillion South Korean won (US$45 billion), hurt by poor performance of its typically lucrative memory chip and display businesses, according to TechCrunch.
- Its operating profit plunged 60% to 6.2 trillion won (US$5.33 billion) compared to the same period last year.
- Sales of its new Galaxy S10 smartphone were “solid,” but even its mobile division’s income dropped “as competition intensified.” Meanwhile, its display business posted a loss “due to decreased demand for flexible displays and increasing market supplies for large displays.”
- Samsung expects that the overall memory market will likely remain slow in Q2, although demand for dynamic random-access memory is expected to recover somewhat.
Editing by Charmaine de Lazo
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