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Samsung flags chip recovery, shrinking phone market amid coronavirus outbreak – Source Reuters Tech News

SEOUL (Reuters) – Samsung Electronics Co Ltd said on Wednesday the coronavirus pandemic would hurt sales of smartphones and consumer electronics this year, while demand from data centers would fuel a recovery in memory chip markets.

FILE PHOTO: The logo of Samsung Electronics is pictured at the company’s factory in Tijuana, Mexico, June 1, 2019. REUTERS/Jorge Duenes

Chief Executive Kim Ki-nam said the coronavirus and U.S.-China trade disputes were casting a shadow over the outlook for the South Korean tech giant, whose Galaxy smartphones vie with Apple’s iPhones for global dominance.

“The global smartphone market was expected to turn to growth this year, but with virus showing signs of being prolonged, the smartphone market is contracting. But 5G smartphone demand is expected to rise,” Koh Dong-jin, president of Samsung’s mobile and network business, told the annual general meeting in Seoul.

While the smartphone market would shrink, Kim said the chip market – which makes…

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Source Reuters Tech News

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