Samsung has reported a net profit decline of 57 per cent for the first quarter as it posted profits of £3.38 billion, down from £7.68bn last year.
The Korean manufacturer released its most recent financials for Q1 today (30 April). The quarterly revenue dropped from £39.92bn last year to £34.54bn in the first quarter, a dip of 14 per cent.
Quarterly operating profit also dropped over 60 per cent from £9.98bn in 2018 to just over £4.1bn for this year.
The drop in profits is down to a weaker performance in Samsung’s semiconductor business amid a slump in memory chip prices.
However Samsung says it reported a quarter-on-quarter (qoq) rise in revenue for its mobile division, despite overall market demand for smartphones decreasing, with solid sales of the Galaxy S10.
For the quarter Samsung posted consolidated revenue of £18bn and £1.46bn in operating profit.
Samsung’s recent issues with the Fold isn’t believed to have had any impact on the Q1 figures ahead of its scheduled launch in the second quarter.
In the second quarter, Samsung is expecting to strengthen its product lineup with the Galaxy S10 5G and Galaxy A80, as 5G commercialisation begins to rollout in more markets.
