Galaxy S9 slows down Samsung earnings as they record low figures
Samsung has just released its second quarter of 2018 financial reports and it’s the lowest they had in the past 12 months, with $52.2 billion (around KRW58.48 trillion) in sales. According to Samsung, the low revenue recorded can be attributed to the lower sales of smartphones and display panels, but business has been good because the report shows a high demand for memory chips.
A sales fall of 20% from KRW30 trillion to KRW24 trillion has been recorded on a yearly basis by the IT & Mobile Communications division which deals with the sales of the Galaxy smartphones, this is happening because of a lot of competition like Xiaomi, Oppo, Huawei and so on springing up with more affordable devices. Samsung has also been withdrawing older low-end models.
Looking past the low figures, Samsung is optimistic about the Q3 with the release of Galaxy Note 9, that is expected to boost demand for smartphones and tablets between now and the end of the year.
The most impressive division for the Korean conglomerate remains the Semiconductor Business that delivered strong earnings, and this division is responsible for the NAND and DRAM memory chips reached highest ever sales and revenue, amassing over 37% of the overall sales and nearly 80% of the total profit for the quarter.
With business still open for the second half of the year and the Galaxy Note 9 available on sale, Samsung predicts a better performance before year-end with growing demand for flexible OLED panels.
You may be interested
ITEL MOBILE REWARDS STUDENTS WITH HALF A MILLION IN THE #IGOTTHEMOVES DANCE COMPETITIONOlufemi Ajayi - November 13, 2018
Lagos, 9th November 2018 – Reiterating its commitment to empowering Nigerian youths to showcase their talents through various levels of…
Infinix Mobile Unveils Hot 6X with 6.2-inch Notched Display and 4000mAh BatteryOlufemi Ajayi - October 29, 2018
Infinix Mobile Unveils Hot 6X with 6.2-inch Notched Display and 4000mAh Battery Infinix Mobile has today launched another variant of…