Samsung Electronics gives grim earnings outlook as fourth-quarter profit falls 29 percent

FILE PHOTO: A customer prays inside a Samsung showroom in New Delhi, India, July 27, 2018. . REUTERS/Adnan Abidi/File Photo

SEOUL (Reuters) – Samsung Electronics Co Ltd warned of weaker earnings in 2019 as it posted a 29 percent drop in fourth-quarter operating profit on Thursday, hit by a slowdown in demand for memory chips.

Operating profit was 10.8 trillion won ($9.7 billion) in the fourth quarter, in line with the 10.8 trillion won the company had estimated earlier this month. Revenue fell 10 percent to 59.3 trillion won, also in line with its earlier estimate.

Weaker earnings at the world’s biggest maker of smartphones and semiconductors come as China’s slowing economy squeezes sales by technology companies.

Reporting by Ju-min Park and Heekyong Yang; Editing by Stephen Coates

Our Standards:The Thomson Reuters Trust Principles.

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