Samsung has posted its financial numbers for the first quarter of the year. The Korean company reported an operating profit of KRW6.2 trillion (US$5.3 billion), and consolidated revenues of KRW52.4 trillion. That’s a 60 percent decline for profit and a 13 percent drop in revenue compared to the same period last year.
First quarter earnings were weighed down by the weakness in memory chips and displays, although the newly launched Galaxy S10 smartphone logged solid sales — Samsung
Operating income and revenues also fell by 42 percent and 12 percent, respectively, compared to the prior quarter, which is Q4 2018. Despite relatively good performance of the new Galaxy S10 line-up, Samsung said that its mobile business profitability has also decline on year in the first quarter.
Inventory adjustments continued at datacenter companies, while demand for high-density memory for mobile phones increased thanks to new flagship smartphones — Samsung
Samsung forecasts some “limited improvement” moving forward as the display and chip business is expected to gain traction. With the Galaxy S10 line-up already out, and the Galaxy Fold being delayed, it will be up to the Galaxy Note10 line-up to offer the mobile business a boost towards the end of the year.