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Samsung Electronics equipped a primary take a look at the corporate’s quarterly earnings report Friday.
The corporate says quarterly revenue tumbled by two-thirds to an eight-year low.
A weakening world economic system has impacted reminiscence chip costs and curbed demand for digital units.
The report could also be a harbinger of issues to come back, setting the tone for different tech agency’s outcomes.
SAMSUNG RECALLING OVER 663,000 TOP-LOAD WASHING MACHINES OVER FIRE HAZARD
Samsung Electronics exhibits its reminiscence chips. (Samsung newsroom)
Samsung is the world’s largest reminiscence chip, smartphone and TV maker.
Analysts count on Samsung’s revenue to take one other hit within the present quarter after the South Korean firm introduced its October-December working revenue possible fell 69% to 4.3 trillion received ($3.37 billion) from 13.87 trillion received a yr earlier.
It was Samsung’s smallest quarterly revenue for the reason that third quarter of 2014 and fell in need of a 5.9 trillion received Refinitiv SmartEstimate.
Samsung’s signage is seen in a retailer in Manhattan, New York Metropolis. ( REUTERS/Andrew Kelly / Reuters Images)
SAMSUNG GETS TEMPORARY OK ON CHINA CHIP FACILITIES
Quarterly income possible fell 9% from the identical interval a yr earlier, in keeping with the preliminary earnings assertion issued by the corporate.
Its cell enterprise’ revenue declined within the fourth quarter as smartphone gross sales and income decreased because of weak demand ensuing from extended macroeconomic points, Samsung added.
Samsung Electronics brand and graph. (iStock / iStock)
SAMSUNG’S EARNINGS PLUNGE ON BIG DROP-OFF IN CHIP DEMAND
Three analysts stated they anticipated Samsung’s earnings to dive once more within the present quarter, with a possible working loss for the chips enterprise as a glut drives an additional drop in reminiscence chip costs.
The corporate will launch full outcomes later this month.
Reuters contributed to this report.
