Samsung posts 60 per cent drop in profit

Samsung posts 60 per cent drop in profit

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Samsung registered a 60% drop in Q1 profit compared to last year, making about $5.3 billion profit from January-March 2019. 

The South Korean company said the earnings were weighed down by memory chips and displays, although the new Galaxy S10 smartphone logged solid sales. Samsung added its Galaxy Fold launch could be delayed to the "second half of the year".


Memory chip makers including Samsung have been hit by a weaker global smartphone market and a fall in server demand amid a broader economic slowdown. 

Although the Reuters report claimed that phone revenue was down, Samsung's press release spun it to say: "Overall market demand for smartphones decreased QoQ as the industry moved into a seasonally weak period, but Samsung reported a QoQ rise in revenue thanks to solid sales of the Galaxy S10.

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Samsung posts 60 per cent drop in profit