Samsung Announces First Quarter Results: Profit Decline by 60%
Samsung Electronics today released its first quarter results for the 2019 year. Affected by factors such as the weak memory chip market, Samsung expects its operating profit to drop 60% year-on-year in the first quarter. Samsung said in its regulatory filing today that total sales for the first quarter are expected to be 52 trillion won ($45.7 billion), down 14.13% from 60.56 trillion won in the same period last year.
It was down 12.27% from 59.27 trillion won in the fourth quarter of last year; operating profit was 6.2 trillion won (about 5.5 billion US dollars), down 60.36% from 15.64 trillion won in the same period of last year, compared with 10.8 million in the fourth quarter of last year. The billion won fell by 42.59%, which is less than the average estimate of 6.8 trillion won by analysts.
Samsung said that as data center demand rises, the company's performance is expected to recover in the second half of this year. Samsung will release its full first quarter results by the end of April.