SEOUL (Reuters) – Samsung Electronics Co Ltd said on Wednesday it expected profit to decline in the current quarter due to a coronavirus-related slump in sales of smartphones and TVs, although the chip business would remain solid.
The South Korean conglomerate joined other tech giants such as SK Hynix and Intel in declining to provide annual forecasts because of the uncertainty about the duration of the pandemic.
It said that while work-from-home orders and the related growth in online learning would underpin demand for memory chips, the outlook for smartphones and TVs was bleak as consumers put off discretionary spending.
“Even as such uncertainties persist, overall conditions in the memory industry are likely to be favorable due to server and PC demand,” Han Jin-man, senior vice president at Samsung’s chip business, said during a conference call.
In contrast, Samsung said it expected its mobile and TV profits to “decline significantly” in the second quarter as…
Source Reuters Tech News
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