Samsung Slump

The vendor warned earlier this year that profits will slump

Samsung Electronics expects operating profit to drop considerably as the South Korean vendor announced its earnings guidance for the third quarter of 2019.

In the earnings report Samsung state that operating profit will more than halve to £5.2 billion for the quarter, down from £11.9 billion in Q3 2018.

Samsung also expect sales to decline in the quarter to £42.3 billion, down from £44.6 billion for the same period last year.

It comes as no surprise as Samsung warned earlier this year that profits would fall by 56 per cent in the second quarter.

In the second quarter Samsung’s IT and mobile division dropped year-on-year to £1.08 billion in operating profit, from £1.87 billion the year before.

Despite being at the heart of the 5G handset race earlier this year, Samsung encountered problems with its foldable smartphone the Samsung Fold, with the launch date being delayed until last month.

Samsung will announce its full financial for the quarter later this month.

Written by Dr Jamie Branson

I provide a broad spectrum of news to View TV News whilst taking stories from the public and allowing people to hear about the real news every day of the week. Check out more at https://viewtvnews.com

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