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(LEAD) Samsung estimates Q4 earnings dip 34 pct on weak chip prices

All News 08:56 January 08, 2020

(ATTN: CHANGES headline, lead; UPDATES with more info throughout; COMBINES with article slugged Samsung Electronics-2019 earnings guidance)
By Kim Han-joo

SEOUL, Jan. 8 (Yonhap) -- Samsung Electronics Co. said Wednesday its operating earnings dipped more than 30 percent in the fourth quarter of last year from a year earlier due to weak chip prices, but its performance was better than the market had expected.

The operating profit was estimated at 7.1 trillion won (US$6.1 billion) in the October-December period, a 34.26 percent drop from a year ago, according to its earnings guidance.

The figures were above market expectations of 6.5 trillion won in operating profit in the survey conducted by Yonhap Infomax, the financial arm of Yonhap News Agency, on 22 Korean brokerage houses.

For all of 2019, Samsung predicted its operating profit at 27.71 trillion won, marking a 52.9 percent on-year drop.

Sales decreased 0.5 percent to 59 trillion won over the cited period. The data for net profit was not available.

(LEAD) Samsung estimates Q4 earnings dip 34 pct on weak chip prices - 1

The Korean tech giant expected its fourth-quarter sales at 59 trillion won in the three-month period, down 0.59 percent. The fourth-quarter sales estimate stood at 60.5 trillion won on average.

Full-year sales are expected to reach 229.52 trillion won, a 5.8 percent fall from 2018, the tech giant said.

Samsung Electronics did not break down performances of its respective business divisions, saying it will announce the detailed earnings later this month.

The earnings guidance was announced before the local stock market opened.

sam@yna.co.kr
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