Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Gadgets & Apps

Samsung posts 38.9 percent fall in Q1 net profit

Samsung Electronics posted a near 40 percent fall in first-quarter net profit Wednesday, missing analyst estimates despite a surge in memory chip demand that cushioned a slump in smartphone sales.

Facing increasing competition from archrival Apple and smaller Chinese manufacturers, the world’s top handset maker reported a net profit of 4.6 trillion won ($4.3 billion) for the January-March period, down 38.9 percent from a year earlier.

Operating profit also fell 29.6 percent on-year to 6.0 trillion won, largely in line with the firm’s earlier forecast.

But in a sign that the South Korean electronics giant might be turning a corner after successive quarters of significant declines, the operating profit was up 13.1 percent from the fourth quarter of last year.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...