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Samsung confirms 60 per cent fall in profit

April 30, 2019

Via: TechRadar

Samsung is confident of a turnaround in the second half of 2019 after, as expected, it posted a 60 per cent drop in operating profit for the first quarter.

The company had warned investors earlier in the month that results would miss market expectations and has now confirmed profits fell to 6.2 trillion Won (£4.2bn) for the quarter, with revenue falling by 13.5 per cent to 52.4 trillion Won (£34tn).

The decline has been attributed to slowing smartphone sales, a fall in the price of memory chips and lower demand for displays panels.

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