Samsung today released its Q1 2019  financial result and just as anticipated back in late March, the performance is dismal. The report detailed a combined sales of KRW52.4 trillion, which is 13% lower on a yearly premise. The decrease in profit is significantly more prominent. The company raked in just KRW6.23 trillion, down 60% when compared to the profit generated during the same period last year.

Samsung expressed in its public statement the fundamental explanation behind the poor result and identified a weak order for its memory chip. Be that as it may, the Samsung Galaxy S10 sales are “strong”, with a declared quarterly increase in revenue despite a decrease in smartphone sales globally.  The revenue from the Galaxy S10 sales is mainly due to an increase in the price of the model. Samsung’s phone shipments were limited due to a reorganization of the mid-range and low-end segments.

The tech giant has assured that it will “strengthen its product lineup through innovations and continued reorganization of its product offerings”. These reorganizations gave us the Galaxy S10 5G and the Galaxy A80 with a rotating camera.

Read Also: Samsung mobile shipments reach 78 million mark in Q1 2019

Since the demand for OLED panels is declining, while the LCD business is remaining at a similar dimension, Samsung expects increased interest for premium television panels like UHD, 8K and ultra-HD televisions. The company also plans to continue to expand its execution of 5G commercialization abroad. Samsung will continue providing 5G hardware to South Korea and the US.

(source)

The post Samsung releases Q1 2019 financial report with weak chip orders driving record profit decline appeared first on Gizmochina.