Samsung Electronics said on Tuesday that its fourth-quarter earnings likely decreased sharply due to lackluster demand in its memory chip business as well growing competition in the smartphone segment.
The South Korean tech giant predicted operating profit for the three months ended December was approximately 10.8 trillion Korean won ($9.67 billion), which was below the 13.2 trillion won that analysts predicted, and a 38.5 percent drop from the previous quarter.
Consolidated sales for the fourth-quarter is predicted to be around 59 trillion won, lower than the 62.8 trillion won that analysts predicted according to Reuters.
Difficult business conditions in the memory segment will keep earnings subdued in the first quarter of 2019, Samsung said.
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