Samsung Q3 profit plunged 56% amid trade tensions, global slowdown

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Samsung Q3 profit plunged 56% amid trade tensions, global slowdown

On Thursday, the 31st of October 2019, the South Korean technology conglomerate, Samsung Electronics Co. Ltd. released its Q3 earnings’ report which had factually reflected a caustic shadow looming over the global economy, as the world’s No.

1 Smartphone vendor, Samsung Electronics’ operating profits were more than halved during third quarter of the year on low prices of memory chips alongside growing tensions offshore of Northern Pacific trade triangle on Japan’s forced wartime labour dispute with South Korean alongside a protracted and costlier Sino-US trade row.

Nonetheless, despite a havoc-scale plunge of 56 per cent in its operating profit, Samsung Electronics had expressed a cautiously optimistic outlook on chip demands for 2020, as demands from data centre customers alongside sales of fifth-generation telecommunication gears had offset some concerns of a prolonged industry downturn.

Besides, according to Samsung Electronics Co. Ltd.’s Q3 earnings’ released earlier on Thursday (October 31st), its operating profit fell by 56 per cent to $6.7 billion, while its net revenue was tottered 5.3 per cent to $53.62 billion (62 trillion South Korean Won) on a year-on-year basis.

Meanwhile, echoing leads of the Samsung Electronic executives, an analysts at Cape Investment & Securities, Park Sung-soon said following release of the South Korean telco giant’s Q3 earnings’ report on Thursday (October 31st), “Global 5G smartphone sales will be in full swing next year, supporting solid memory-chip demand growth. ”