Samsung forecasts huge profit drop on slower smartphone and chip sales

The Samsung Galaxy S9

With smartphone sales slowing and memory chip demand on the decline, industry analysts already expected a drop in profit for Samsung. But today the South Korean giant announced its own estimates and it appears the results are significantly worse.

After reporting a $13.27 billion profit just one year ago, Samsung has today revealed that its profits for the fourth quarter of 2018 are set to decline a whopping 29% year-on-year to just $9.67 billion. To make matters worse, this figure also represents a drop of 38.5% …

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