Profit warning Samsung: result even lower than expected

The market for Samsung is even more disappointing than investors had expected. The profit in the first quarter will be even lower than analysts think, the company warns.

Samsung is the largest maker of memory chips in the world, and they form an important part of the profit for the South Korean company. In addition to memory chips, it also makes screens and mobile phones.

But it is precisely with the memory chips that it is disappointing, and also with the sale of screens it is not going so well. Samsung claims that Chinese producers have increased their production of displays, which is depressing prices. Samsung supplies chips and displays to Apple for iPhones, among others.

Lower demand

The chip sector is very cyclical, says stock market commentator Hans de Geus. Samsung and other electronics producers suffer from lower demand due to a fall in smartphone sales, while fewer crypto coins are mined. A lot of computing power is needed for that mining.

Furthermore, economic growth is declining worldwide, partly due to concerns about the trade troubles between the US and China.

Even lower profit

Analysts had already assumed much lower results in the first quarter. But now Samsung says that the expectations of analysts are still too high.

For example, they assumed more than half the profit compared to the same period last year: an operating profit of 6.4 billion dollars, compared to 14 billion in the first three months of 2018, says Jim Tehupuring from ProBeleggen.

Price drops slightly

Yet the profit warning on the stock market is not very hard. Yesterday the rate fell by 2 percent and today by another 1 percent. The warning from Samsung is nevertheless special, says stock market commentator Hans de Geus. “Traditionally, Samsung comes with a forecast after a quarter has ended, but now the profit warning comes before that.”

Samsung’s results were also disappointing last year. Sales fell by 10 percent in the fourth quarter and net profit even declined by nearly a third. That was the largest decrease in two years. Samsung already warned for a lower profit in 2019.

“Recovery in the second half of the year”

Samsung does think that the demand for and the prices of memory chips will pick up in the course of 2019, because stocks will then be largely eliminated.


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Comments

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