Samsung predicts another big drop in quarterly profits, but it could be the last one
08 October, 2019, 22:26
Samsung Electronics estimated on October 8 that its operating profit will likely stand at 7.7 trillion won ($6.4billion) in the July-September period, down 56.2 percent on-year. We'll get the clear picture when the company publishes the report after the end of the fourth quarter. Its revenue dropped 5.3 percent to 62 trillion won during the same period. However, during the same period a year ago, Samsung Electronics posted some of its largest ever profits and sales.
Samsung Electronics on Tuesday predicted its operating profit for the last quarter will fall by more than half from a year earlier amid sluggish global demand for computer chips.
"Samsung would likely enjoy its popularity in Europe's smartphone market as long as the Huawei ban lasts and could even lure back European customers who once left for Huawei", said Park Sung-soon, an analyst at Cape Investment & Securities. According to industry analysts speaking with The Korea Herald, Samsung is actually doing remarkably well considering how poor the demand is for chips universally. Yet, the memory chip business has been its most profitable and uncertainties there have lingered because of the ongoing US-China trade war and Japanese restrictions on the export of materials essential for chip and display production.
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Analysts credit Samsung with receiving a boost from US sanctions on Huawei that effectively bar USA firms from supplying the Chinese competitor. Samsung is looking at another profit drop. However, this is still slightly better than the expectation of analysts. "Data centre customers, a major driver for memory chip business, are pursuing conservative investment for the time being, not particularly uplifting news for Samsung".
Samsung won't provide net income or break out divisional performance until it releases final results later this month.
Shares of Samsung Electronics were trading 1.26 percent higher at 48,350 won on the Seoul bourse as of 10.28 a.m., The earnings guidance was announced before the market opened.
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