SEOUL, April 29 — The world’s biggest smartphone maker, Samsung Electronics, reported a three-per cent drop in first-quarter net profits today, as the coronavirus pandemic dampened consumer demand. Net profits in the January-to-March period were 4.88 trillion won (US$4 billion), down 3.1...
An employee using his mobile phone walks past the logo of Samsung Electronics at its office building in Seoul, South Korea, August 26, 2017. — Reuters pic
Net profits in the January-to-March period were 4.88 trillion won , down 3.1 per cent from a year earlier, the company said in a statement. The firm is the flagship subsidiary of the giant Samsung Group, by far the largest of the family-controlled conglomerates known as “chaebols” that dominate business in the world’s 12th-largest economy.
Samsung said “uncertainties driven by Covid-19 will persist” in the latter half of 2020 as the duration and impact of the pandemic remain “unknown”.
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