Samsung Electronics Q4 profits slump along with global demand
Samsung Electronics, the world's biggest smartphone and memory chip maker, reported a slump in fourth-quarter net profits on Thursday, blaming a drop in demand for its key products.
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Samsung Electronics, the world's biggest smartphone and memory chip maker, reported a slump in fourth-quarter net profits on Thursday, blaming a drop in demand for its key products.
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The world's second-largest memory chip maker, South Korea's SK Hynix, saw operating profits drop for the first time in two years in the fourth quarter as prices fell, it said Thursday.
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Samsung expects its quarterly operating profit to fall 29 percent compared with last year, adding to the tech sector's unease about the effect of slowing global economic growth on the industry.
Samsung Electronics on Tuesday flagged its first quarterly profit drop in two years and painted a grim outlook owing to mounting competition from Chinese smartphone makers and declining chip prices.
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Samsung Electronics on Wednesday posted record quarterly operating and net profits as solid demand for its memory chips cushioned the fallout from slowing smartphone sales—but warned of tougher times ahead.