World

Samsung’s profit plunges

Almost a third of the profits were shattered when Samsung Electronics presented its quarterly results. The company nevertheless remained at just over NOK 64 billion.

The profit of 8.46 trillion won last year’s last quarter is 31 per cent lower than in the same period last year.

Turnover ended at 59.3 trillion won, down 66 trillion a year ago for the Korean electronics giant. Demand fails for the company, which is one of the world’s largest manufacturers of mobile phones, but has seen the competition from cheaper Chinese models.

– The result in the fourth quarter was affected by a decline in demand for smartphones and memory chips used in data centers, the company writes in its quarterly presentation.

In addition to increased competition in the mobile market, the company points to a sharp increase in capacity in the telephone industry and weak sales figures for the most advanced phones.

(© NTB)

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