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Samsung Reports Sharp Profit Decline


Samsung Reports Sharp Profit Decline

We've had the good news that Samsung plans to add DivX support to its TVs, so inevitably we had to expect some bad news, too, to counter it. A 44 per cent downturn in this quarters net profits in addition to a 14 per cent share value drop are a bit disproportional, though, if you ask me.

According to Reuters an ongoing downturn in the memory chip market and slowing sales of consumer electronics - Samsungs primary businesses.

Samsung's executive in charge of investor relations, Chu Woo-sik, commented saying: "the market environment in the third quarter proved challenging amid rising costs and a downturn in the global economy." Adding that "We foresee the coming months to be an even more challenging period."

Chu Woo-sik also commented on Samsung's announcement this week that it is withdrawing its $5.9 billion bid to buy Sandisk. "{i}This is all about business. The situation can change...but for now we don't have a plan {to make an offer for Sandisk}."

Hard times ahead all round, folks.



Go to comments


October 27, 2008, 8:22 pm

Profits down. Shares down. Profits down. BORING. Can we have some more positive news? The reason I read TR is because the articles don't pump out fearful messages, like the regular news does. But "profits down" type messages now seem to be a regular occurrence.


October 27, 2008, 9:57 pm

Down Down Down.


October 27, 2008, 11:26 pm

News is news, good or otherwise. One bleak story a day is a pretty positive balance if you ask me.

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