Samsung posts 38.9% fall in Q1 net profit

GMT 01:59 2015 Wednesday ,29 April

Arab Today, arab today Samsung posts 38.9% fall in Q1 net profit

Samsung Electronics posted a 38.9% fall in the first quarter net profit
Seoul - AFP

Samsung Electronics posted a near 40 percent fall in first quarter net profit Wednesday, missing analyst estimates despite a surge in memory chip demand that cushioned a slump in smartphone sales.

Facing increasing competition from archrival Apple and smaller Chinese manufacturers, the world's top handset maker reported a net profit of 4.6 trillion won ($4.3 billion) for the January-March period, down 38.9 percent from a year earlier.

Operating profit also fell 29.6 percent on-year to 6.0 trillion won, largely in line with the firm's earlier forecast.

But in a sign that the South Korean electronics giant might be turning a corner after successive quarters of significant declines, the operating profit was up 13.1 percent from the fourth quarter of last year.

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