Samsung Electronics fourth-quarter working revenue falls 34%, dogged by chip market downturn

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FILE PHOTO: The emblem of Samsung Electronics is seen at its workplace constructing in Seoul, South Korea, Jan. 7, 2019. REUTERS/Kim Hong-Ji/File Picture

SEOUL (Reuters) – Samsung Electronics Co Ltd (005930.KS) stated on Thursday its working revenue fell 34% within the October-December quarter, in step with its estimate earlier this month, because the South Korean conglomerate battled a downturn within the reminiscence chip market.

The world’s largest reminiscence chip and smartphone maker reported working revenue of seven.16 trillion received ($6.13 billion). It additionally stated internet revenue fell 38% to five.2 trillion received, and that income fell 1% to 59.9 trillion received – additionally assembly estimates.

A two-year growth in reminiscence chip costs began to fade in late 2018 as demand slumped from knowledge middle prospects whereas a U.S.-China commerce conflict punctuated by tit-for-tat import tariffs muddied buy selections, making a provide glut.

Reporting by Hyunjoo Jin and Heekyong Yang; Enhancing by Christopher Cushing and Sandra Maler

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