LG Electronics Inc's operating profit likely fell by a smaller-than-expected 19 percent in the first quarter, even as losses in its mobile business and rising competition in the television segment pushed its revenue down to below consensus.
The second-largest TV maker in the world, second only to Samsung, estimates that its first-quarter operating profit was 899.6 billion won ($790 million), compared with 1.1 trillion won ($967 million) in the same period previous year. This low demand in the cloud services and smartphone markets for both DRAM and NAND flash chips have pushed the prices of these chips down.
The fall can be attributed to slowing smartphone sales, a fall in the price of memory chips and lower demand for displays panels. Samsung also plans to reduce spending and focus on profitability for its memory facilities. It is also a decline of 42.6% from the previous quarter.
Rival phone maker LG Electronics also predicted an operating profit for the first quarter Friday, forecasting it would drop 18.8 percent to 900 billion won.
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Earnings are significantly below several analysts' expectations, and follow sluggish global smartphone sales, and growing US-China trade tensions.
We'll get the 5G Samsung Galaxy S10 on these shores later this year, and the 5G OnePlus phone is due next month, though it'll be exclusive to EE.
Further, as per Korean disclosure regulations, Samsung can't offer earning estimates as a range, so the provided number are the median of the expected earnings. Starting with the ill-fated Galaxy Note 7, however, it started launching the phablet on its own.
The 50-year-old scion was a key figure in the scandal that ousted former South Korean president Park Geun-hye following nationwide street protests, and was sentenced to five years in jail. Its semiconductor business is the main profit driver.