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Technology Stocks : Semi Equipment Analysis
SOXX 304.96+0.4%Dec 23 4:00 PM EST
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From: Sam7/30/2019 10:50:20 PM
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Samsung net profit plunges in Q2 but foresees start of chip recovery
Jul. 30, 2019 10:22 PM ET|About: Samsung Electronics Co., Ltd. (SSNLF)|By: Carl Surran, SA News Editor

Samsung Electronics ( OTC:SSNLF) reports a 53% Y/Y net profit decline in Q2 to 5.18T South Korean won ($4.4B) from 11.04T won a year earlier on revenue of 56.13T won vs. 58.5T won in last year's Q2.

But the results exceeded analyst consensus expectations for net profit of 5.1T won and revenue of 52.4T won for the quarter.

The chip business remained Samsung's top earner in Q2 but operating profit plunged 71% to 3.4T won from 11.6T won in the year-ago period, while profit in the mobile business tumbled 42% to 1.6T won, weighed by slower sales of flagship models and higher marketing expenses.

Samsung said it expects the chip market to bottom out and start to recover in H2 but it also will face "persistent" uncertainties in the memory and mobile businesses in the period.

Samsung could enjoy a modest H2 boost from the planned releases of the Galaxy Note 10 next week at a New York event and the much-anticipated foldable Galaxy Fold by September, but weakness in the global smartphone market likely will limit any upside.

Now read: Samsung Electronics Co., Ltd. 2019 Q2 - Results - Earnings Call Slides »

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