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Trade war halves Samsung's profits

Trade war halves Samsung's profits
Shutterstock.com

Samsung saw its profits fall sharply in the third quarter: in particular, the lower prices of memory chips and the trade war between the United States and China affected the electronics company.

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Sharp fall in profits

In the third quarter, Samsung Electronics achieved a turnover of 62?trillion South Korean won (47?billion euros), representing a decrease of 5.3?% compared to the same period last year. Operating profit fell by more than half, from 17.57?to 7.78?trillion South Korean won (6?billion euros).

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The Consumer Electronics division experienced growth of 7?%, which was driven mainly by strong sales of large QLED TVs. Due to increasing competition (and lower margins), the profit here was slightly lower than a year ago. The mobile division saw its turnover increase by 17?% and its profits by 32?% as the Note 10 and A-Series did very well. Samsung has high expectations for the further roll-out of 5G devices over the coming year.

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The 'Device Solutions' department (which includes memory chips) had to shoulder a heavy blow: turnover fell by 23?% and profits by no less than 71?% due to the very low price of memory chips.

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