Economy

Samsung announces Q4 2018 earning guidance, operating profit down 29%

Samsung announces Q4 2018 earning guidance, operating profit down 29%

Samsung Electronics Co.'s quarterly profit and sales missed estimates on sputtering demand for memory chips during the last three months of 2018, the same quarter that Apple Inc. reported anemic sales in China.

It was now expecting to report operating profit of 10.8tn Korean won (£7.5bn) for the fourth quarter of 2018, down 29% on a year earlier and missing analysts' expectation of 13.2tn won (£9.2bn).

South Korea's semiconductor exports, dominated by Samsung Electronics and its smaller rival SK hynix, dropped 17 percent on-year to $8.86 billion in December, according to the government data. -China trade war, an associated slowdown in the Chinese economy, increasing competition in the phone market from emerging players like Huawei, and the fact that Apple products are prohibitively priced for some global markets.

In a statement on Tuesday, the firm cited lacklustre demand and rising competition for its darkening outlook. The same story points the finger at the trade aggro between the USA and China as a major reason for the drop off, citing reduced demand for memory chips which are a big thing for Samsung. It also estimated an 11 percent fall in revenue at 59 trillion won.

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The warning, which comes ahead of Samsung's latest financial results later this month, will spark new fears of a slowdown in the tech market which has already seen precipitous drops in many companies' share prices. At the time, the US tech giant blamed slowing iPhone sales in China and lingering uncertainty over US-China trade relations. Apple receives memory chips and smartphone screens from Samsung and is the South Korean manufacturer's biggest customer, according to data compiled by Bloomberg. The company won't release net income until it releases final results later this month. The weakening trend follows many record-breaking profit quarters from Samsung.

The reason for the shortfall is weaker-than-expected demand for its memory chips, which led to a decline in shipments.

Samsung is now the world's leading manufacturer of NAND flash memory chips and DRAM chips, which provide devices with temporary workspaces and allow them to multitask.

The company warned that Q1 2019 earnings won't be stellar, either, though its memory business should improve in the second half of the year.


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