Samsung’s fourth-quarter operating profit falls 34% annual profit, hits four-year low

Samsung Electronics Co. on Wednesday reported unaudited preliminary results for the fourth quarter of last year, with operating profit down 34 percent, less than the 40 percent decline previously expected, suggesting that memory chip prices bottomed out faster than analysts expected, boosting hopes of recovery. The company’s operating profit for the quarter fell to 7.1 trillion won ($6.09 billion) from 10.8 trillion won a year earlier, beating the average analyst estimate of 6.5 trillion won by analysts surveyed by Refinitiv SmartEstimate. Revenue fell 0.5 percent to 59 trillion won.

Samsung's fourth-quarter operating profit falls 34% annual profit, hits four-year low

For the full year of 2019, Samsung Electronics’ operating profit fell 53 percent to 27.7 trillion won, its lowest level since 2015 and its biggest annual decline in a decade.