Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterl...
SEOUL - Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterly profit in more than two years as a glut in memory chips, slowing panel sales and rising competition in smartphones hit margins.
Shares in Samsung rose briefly before paring gains to trade flat following the guidance, as many investors are already looking ahead to an earnings recovery on the back an improvement in chip prices in the second half of the year. The world’s biggest maker of smartphones and memory chips said in a filing January-March profit was likely 6.2 trillion won , missing the 6.8 trillion won estimate from analysts according to Refinitiv SmartEstimate.
SK Hynix Inc, Micron Technology Inc and Samsung - which dominate the global market for dynamic random access memory, or DRAM, chips used in personal computers, smartphones and servers - recently have issued upbeat assessments of the prospects for a recovery in chip prices.
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