Samsung profit drops to all-time low
CAPE TOWN – Samsung Electronics on Thursday reported a drop in its operating profits which saw its revenue decline by 14 percent as it battles with the low prices of chips.
According to a statement, the company announced its operating profit had dropped to about 60 percent year-on-year and that its total sales are expected to come in at 52 trillion won ($45.7 billion), with operating profit of around 6.2 trillion won ($5.5 billion).
Samsung said in a statement: " The above estimates are based on K-IFRS. Please note that Korean disclosure regulations do not allow earnings estimates to be offered as a range. To comply with such regulations, the above figures represent the median of the estimate ranges."
According to a report by Bloomberg, On Friday, Samsung shares fell 0.5 percent in early Seoul trade and its stock had gained 21 percent this year through Thursday’s close after slumping 24 percent in 2018.
Written by Gabriella Steyn,
Guzzle Media.
