The world's biggest smartphone and memory chip maker Samsung Electronics warned Friday of a more than 60 percent plunge in first-quarter operating profits in the face of weakening markets.
But now the picture has changed, with chip prices falling as global supply increases and demand weakens. "The company will seek to improve cost competitiveness through effective resource management," it added,"while enhancing product quality in the short term". Prices for NAND memory -- used in smartphones and other devices -- fell 20 percent in the first quarter, according to market tracker DRAMeXchange, which pointed the finger at consumers taking longer to replace their smartphones, and lower-than-expected sales for Apple's new devices.Rival phone maker LG Electronics also predicted an operating profit for the first quarter Friday, forecasting it would drop 18.8 percent to 900 billion won.
Samsung Electronics once had a 20 percent market share of China's smartphone market but has seen that tumble to less than one percent.
Source: Financial Digest (financialdigest.net)
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