AFP, Seoul :
Samsung Electronics, the world’s biggest smartphone and memory chip maker, reported a slump in first-quarter net profits Tuesday, in the face of a weakening chip market and rising competition.
Net profits in the January-March period were 5.04 trillion won ($4.3 billion) – the lowest since the third quarter of 2016 and down 56.9 percent year-on-year.
Operating profit also plunged 60.2 percent to 6.2 trillion won, while sales fell 13.5 percent to 52.4 trillion won.
The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in the world’s 11th largest economy, and it is crucial to South Korea’s economic health.
Samsung Electronics, the world’s biggest smartphone and memory chip maker, reported a slump in first-quarter net profits Tuesday, in the face of a weakening chip market and rising competition.
Net profits in the January-March period were 5.04 trillion won ($4.3 billion) – the lowest since the third quarter of 2016 and down 56.9 percent year-on-year.
Operating profit also plunged 60.2 percent to 6.2 trillion won, while sales fell 13.5 percent to 52.4 trillion won.
The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in the world’s 11th largest economy, and it is crucial to South Korea’s economic health.
