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Samsung Electronics forecasts 37 percent drop

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Staff writer ▼ | January 8, 2015
Samsung Electronics Co. said its annual profit fell for the first time in three years as its smartphone growth lost steam.
Samsung Electronics
Samsung   Annual profit fell for the first time in three years
The company's 2014 operating profit is expected to be about 24.9 trillion won ($22.6 billion), down 32 percent from 2013, based on preliminary figures. It will release its full financial results including net profit and a breakdown of business divisions later this month.

For the fourth quarter of last year, Samsung said operating profit was about 5.2 trillion won ($4.7 billion), down 37 percent from a year earlier. The result was still higher than analyst expectations of 4.9 trillion won according to FactSet, a financial data provider, due to robust demand for memory chips.

Quarterly sales dropped 12 percent to 52 trillion won, in line with the expectations of analysts.