Samsung has warned of more than a 60 per cent plunge in their first-quarter profits this year. The smartphone company, based in Seoul, South Korea, blamed the weakening markets for the dramatic loss in profits. Operating profits for January to March would be ‘approximately 6.2trillion Korean won’ (£4,186,674,000), the firm said in a statement – down 60.4 per cent. Smartphone company Samsung has warned of a more 60 per cent plunge in their first-quarter profits Sales were about 52trillion won (£35,113,109,200), it said, marking a 14 per cent drop. The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in the world’s 11th-largest economy, and it is crucial to South Korea’s economic health. It has enjoyed record profits in recent years despite a series of setbacks, including a humiliating recall and the jailing of its de facto chief. But now the picture has changed, with chip prices falling as global supply increases and demand weakens. Operating profits for January to March would be ‘approximately 6.2 trillion Korean won’ (£4,186,674,000), the firm said in a statement – down 60.4 per cent Samsung Electronics warned investors last week to expect… Read full this story
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