Samsung's Net Profit Halves on Weak Chip Prices
01 August, 2019
Samsung's profits from semiconductors plunged more than 70 percent on-year in the second quarter mainly due to low memory chip prices.
The company said Wednesday that sales fell four percent to W56.1 trillion and operating profit 55.6 percent to W6.6 trillion from a year earlier (US$1=W1,183). Samsung pointed to falling global demand for memory chips, especially from China and falling DRAM prices.
But there was a turnaround in Samsung's display business, with a seven-percent jump in sales and an almost six-percent rise in operating profits.
Sales in the mobile division including smartphones rose almost eight percent on-year with a boost from low- and mid-priced products.
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