Anup Tiwari
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SEOUL, South Korea: Samsung
Electronics Co. said its first-quarter
net income has plunged 39% as the
smartphone business saw its profit
shrink to less than half from a year
earlier.
The company reported Wednesday
that its January-March income was
4.63 trillion won ($4.35 billion),
compared with 7.49 trillion won one
year earlier.
That was lower than analysts'
consensus of 4.97 trillion won,
according to financial data provider
Factset.
Sales fell 12% from a year earlier to
47.12 trillion won while operating
income dropped 30% to 5.98 trillion
won, in line with Samsung's earnings
preview earlier this month.
Electronics Co. said its first-quarter
net income has plunged 39% as the
smartphone business saw its profit
shrink to less than half from a year
earlier.
The company reported Wednesday
that its January-March income was
4.63 trillion won ($4.35 billion),
compared with 7.49 trillion won one
year earlier.
That was lower than analysts'
consensus of 4.97 trillion won,
according to financial data provider
Factset.
Sales fell 12% from a year earlier to
47.12 trillion won while operating
income dropped 30% to 5.98 trillion
won, in line with Samsung's earnings
preview earlier this month.