Samsung heading for lowest quarterly profit

Samsung heading for lowest quarterly profit

Samsung heading for lowest quarterly profit

Samsung is set to post its lowest quarterly profits in two years, telling investors it expects a drop of around 60 per cent when it publishes its first quarter accounts.

"Samsung is going through the toughest period of time before demand likely picks up again in the bottom half of the year", Song Myung-sup, an analyst at HI Investment & Securities Co., told Bloomberg.

The Apple Inc supplier and rival earlier had warned the quarter could be disappointing due to falls in prices of memory chips, its core profit-driver, and slowing demand for display panels used in Apple's iPhones. "Electronic companies like Samsung, the factories, production lines, contents that goes inside 5G phones ... they believe everything that is constituting the IT ecosystem will meet a new era under 5G network". This was the company's biggest decline since the third quarter of 2014.

The company also estimated a consolidated operating profit of approximately 6.2 trillion KRW (roughly $7.3 billion CAD). As of 9:38 a.m. Friday, shares of Samsung Electronics are trading 0.2 percent lower at 46,850 won apiece.

South Korea will expand these operations on Friday for the rest of the population in coincidence with the release of Galaxy S10 5G, the first smartphone in the world with this network.

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KT's 5G network will be ready for use in 85 cities across South Korea, including Seoul, by the end of the month.

Samsung produces memory products for home PCs, servers, and smartphones.

Whilst the announcement is a preliminary release, a more detail breakdown and final figures will be disclosed in coming weeks.

It took another hit after the bribery conviction of Lee Jae-yong - the son and heir of the group's ailing current chairman Lee Kun-hee.

But he was released in February previous year after several of his convictions were quashed on appeal.

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