In the first quarter, Samsung reduced its net profit by more than seven times

South Korea’s Samsung Electronics Co., the world’s largest maker of smartphones and semiconductor products, dropped net profit more than seven times in the first quarter.

According to the company’s press release, the net profit for January to March was 1.575 billion ($ 1.18 billion) from 11.325 billion in the same period last year. At the same time, the mining sector recorded a loss of 4.58 trillion won.

new york

Analysts polled by FactSet on average expected a profit of 821 billion won. Samsung’s revenue fell 18% in the quarter to 63.745 billion won. Operating profit fell 95% to 640.2 billion won. Both indicators were near the upper end of the preliminary results, which were announced in early April.

The company’s stock quotes rose 1.1% based on trading in Seoul on Thursday. Samsung’s stock price rose 17.2% year-on-year (to nearly 424 trillion won), while the Kospi stock index gained 11.6%.

Leave a Reply