Samsung Electronics misses forecast on lower phone sales
Samsung Electronics misses forecast on lower phone sales
Samsung's mobile woes drag on profit growth
02 August, 2018, 23:48
Operating profit came to 14.87 trillion won, up 5.71 percent from the previous year.
Revenue for the April-June period fell 4 percent to 58.5 trillion won. Revenue was down 4% year-on-year, while operating profit rose 6% year-on-year.
But that means Samsung relies on computer chips for an alarming 78 percent of its operating profit.
The world's biggest maker of memory chips, Samsung has weathered a series of setbacks, including an embarrassing global recall of its Galaxy Note 7smartphone due to exploding batteries in 2016.
"For DRAM, server demand stayed strong owing to the ongoing shift to higher density and expansion of data center infrastructure". With growth in the premium smartphone market stagnating but the competition intensifying, handset makers have increasingly struggled to increase their profit.
Despite some bumps in the road, the company's outlook remains sunny for the second half of 2018.
Overall, the company reported $13.3 billion in profit, up 6 percent from the same time past year, on $52.1 billion in revenue.
The IT and mobile communications business, the division the Galaxy S9 calls home, reported declines in year-on-year and quarter-on-quarter earnings. Analysts pointed to increased competition among Android manufacturers for the slowing growth, with the firm's flagship Galaxy S9 device missing sales targets.
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If the estimate is realized, the Galaxy S9 would become the worst performing S-model since the Galaxy S3 in 2012. The phone was launched in 2016 and almost around fifty million units were shipped.
Just like their presence in the smartphone market, Samsung wants to dominate the tablet market as well. The OLED demand is expected to pick up in the second half of 2018, particularly if Apple launches new models.
Samsung itself refrained from forecasting chip market conditions next year, but analysts think rising OLED sales could rescue the company's earnings.
Although the company's semiconductor business achieved record high operating profits of 11.6 trillion won, the earnings were lower than expected, with market forecasts averaging 12 trillion won.
In other segments of Samsung's business, the World Cup apparently helped strengthen demand for Samsung's premium QLED TVs, leading to higher profits from its consumer electronics division. Note's 9 won't spike up the sales for the Korean company this year.
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