Samsung sales plummets 56%, smartphone sales compensate

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Samsung sales plummet 56%, smartphone sales compensate

Samsung squandered a 56% sales profit in the third-quarter posting compared to 2018’s figures as the tech firm struggles with low market demand. But the company said its chip sales should pick-up in 2020.

South Korean-based Samsung reported profit figures on Thursday, posting 7.8 trillion Korean won ($6.7 billion) in the third-quarter markings.

The quarter 3 sales were down from $15.1 billion same time period back in 2018. Sales dropped by 5% to $53 billion in the same period in 2018 but 10% higher from the second-quarter postings.

“Third-quarter profit fell sharply from a year earlier but improved from the previous quarter, as stronger smartphone sales and improved utilization in mobile OLED screens were weighed down by continued weakness in the memory chip market,” said Samsung.

Samsung noted that smartphone sales improved significantly in the quarter posting because of strong sales and robust shipments of Galaxy Note 10, together with the Galaxy A series.

Smartphone sales earned $2.5 billion, 32% higher from 2018. However, the company anticipates a lower sales output for smartphones for the remainder of the year attributed to seasonal effects and economic uncertainties.

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