Samsung Expects Q3 Profits To Drop 56%
Samsung has reported that due to the downturn in global memory chip prices, the company is expecting its third-quarter operating profit to have dropped around 56%, but still managed to perform slightly better than analysts forecast.
The company recently released limited data in yesterday’s regulatory filing ahead of the detailed release of its earnings figures later this month.
According to Samsung, operating profit for the July to September quarter was likely 7.7 trillion won ($9.6 billion), which is down from a record 17.6 trillion won in 2018, though is still above the 7.1 trillion won average forecasted by analysts polled by S&P Global Market Intelligence.
They also expect that revenue has likely fell 5.3% to 62 trillion won from 65.5 trillion won a year ago.
The current US-China trade war is seen as something that has affected this number, as Samsung has lost a bulk of its memory and other component sales due to them being for clients like Huawei.
Moving forward, Samsung is looking towards its newly launched Note smartphones to give them a boost in the current quarter and beyond.
Samsung has yet to announce a specific date for release of its third-quarter earnings, so watch this space for more on this.