Samsung has just announced its fourth-quarter earnings guidance of 2018 with operating profit down 28.7 percent in the Q4 compared with a year ago.
The Operating profit came to 10.8 trillion won ($9.66 billion) in the October-December period, the South Korean tech giant said in a regulatory filing. This is down 38.5 percent from 15.1 trillion won ($13.4 billion) posted a quarter earlier and is the lowest profit since the Q1 of 2017.
Sales fell 9.87 percent from 65.46 trillion won ($58 billion) in the previous quarter and 10.58 percent from 65.98 trillion won ($58.6 billion) a year ago.
“Operating profits sharply decreased due to lackluster demand in the memory division and intensifying competition in the smartphone sector,” Samsung Electronics said in a release for the earnings guidance report.
Although, these results are based on estimates made under K-IFRS and don’t include the performances of respective business divisions. Which will appear on the finalized earnings report expected to be announced later this month.