Samsung predicts earnings improvement after sluggish 2019

Samsung’s operating profit for the full-year 2019 was measured at 27.8 trillion won ($23.4 billion), representing a 53 percent drop from 2018. (AP)
Short Url
Updated 30 January 2020

Samsung predicts earnings improvement after sluggish 2019

  • South Korean technology giant reports an operating profit of 7.16 trillion won
  • Samsung has suffered a sharp drop in profit over the past year

SEOUL: Samsung Electronics said Thursday its operating profit for the last quarter fell 33.7 percent from a year earlier but it predicted earnings will improve in 2020, driven by a gradually stabilizing computer chip market and increasing 5G smartphone sales.
The South Korean tech giant reported an operating profit of 7.16 trillion won ($6 billion) for the October-December quarter. The company’s revenue for the quarter rose 1 percent from a year earlier at 59.9 trillion won ($50.6 billion).
Samsung, the world’s biggest producer of smartphones and semiconductors, has suffered a sharp drop in profit over the past year with an industry-wide glut forcing chip-makers to slash prices to clear out inventory. The company’s operating profit for the full-year 2019 was measured at 27.8 trillion won ($23.4 billion), representing a 53 percent drop from 2018.
Samsung said in a statement that the global market for memory chips is showing signs of gradual improvement thanks to increased demands from data centers and sales of 5G smartphones.
“Looking ahead to 2020, Samsung expects improvements in overall business performance but also sees continued uncertainties in the global business environment,” the company said, without specifically addressing what those challenges are.


India quarterly growth slumps to 3.1%, worst in two decades

Updated 29 May 2020

India quarterly growth slumps to 3.1%, worst in two decades

  • Asia’s third-largest economy expanded by just 3.1 percent during the period

MUMBAI: India’s economy grew at its slowest pace in at least two decades in the January-March quarter, according to government figures released Friday, with warnings of worse to come as it grapples with the fallout of the world’s largest coronavirus lockdown.
Asia’s third-largest economy expanded by just 3.1 percent during the period which coincided with the first week of a months-long shutdown, with the next quarter expected to reflect a severe contraction as manufacturing, services and consumption came to a grinding halt.
Annual growth hit an 11-year low, coming in at 4.2 percent, the slowest pace of expansion since the 2008 global financial crisis.