Samsung Elec says weak chip demand pushed Q4 profit well below market estimates


#TIA – Samsung joins ranks of tech companies having profit problems.

Samsung Electronics surprised the market on Tuesday (Jan 8) with an estimated 29 per cent 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.

Read more at Channel News Asia