Samsung Announces 29 Percent Drop in Quarterly Profit

Reuters:

Samsung Electronics surprised the market on Tuesday with an estimated 29 percent drop in quarterly profit, blaming weak chip demand in a rare commentary issued to “ease confusion” among investors already fretting about a global tech slowdown.

The South Korean firm also said profit would remain subdued in the first quarter due to difficult conditions in memory chips, but that the market is likely to improve in the second half of the year as customers release new smartphones.

LG, too. Maybe the market shouldn’t have been surprised.

★ Tuesday, 8 January 2019