Samsung Reports 56% Drop in Quarterly Profit
The world's largest manufacturer of memory microprocessors and smartphones, South Korean company Samsung Electronics has published preliminary financial results of the third quarter, showing a decline in quarterly operating profit by 56%. According to the company’s calculations, operating profit for the reporting period decreased by 56% compared to the third quarter of 2018 and amounted to $6.4 billion. Besides, quarterly revenue also fell, but not so significantly, only 5.3%, it amounted to $51. 8 billion. Samsung Electronics had a record profit of $15.5 billion last year in the third quarter. Then the South Korean company’s operating profit only fell amid falling chip sales due to a trade dispute between the US and China and a conflict over Huawei.