Jan 8, 2019

Samsung warns of profit drop as chip demand slows

Samsung Electronics expects to post a 29% drop in quarterly operating profit as demand for smartphones and memory chips slows. It marks the first quarterly profit drop in two years as strong demand for chips had boosted earnings at the firm. In a statement on Tuesday, the firm cited lacklustre demand and rising competition for its darkening outlook. Samsung will provide detailed earnings later this month. The firm had seen earnings surge in recent years largely due to strong appetite for memory chips in mobile devices.

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