A few weeks ago, Samsung warned investors that its Q1 profit would drop about 60 percent from the same period in 2018. Now the detailed report has arrived, confirming that projection with an operating profit of $5.4 billion that reflected a 23 percent drop in revenue from its memory chip business. Samsung also suffered smaller drops in the mobile and consumer electronics divisions.
Still the company claims "the newly launched Galaxy S10 smartphone logged solid sales." Paired along with its midrange A series, it expects market demand to increase slightly in the next quarter even as prices drop.
Once item it didn't mention in the report is the now-delayed Galaxy Fold, however the future of foldable devices is still expected to increase profits in its display division. It still believes foldable devices, along with the Galaxy Note and 5G will help "strengthen" its leadership in premium smartphones. Its earnings call is still ongoing, if there's any notable news we will update this post.
Source: Samsung
Samsung faces 60 percent drop in profits, still plans foldable phones posted first on https://www.engadget.com
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