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SEOUL - Samsung Electronics Co (F:SAMEq)., Ltd. (KS005930, KS005935), the South Korean technology conglomerate, disclosed its earnings guidance for the fourth quarter of 2024 today, indicating a decline in operating profits despite stable sales figures. The company expects consolidated sales to be approximately 75 trillion Korean won, with operating profits around 6.5 trillion Korean won, based on Korean International Financial Reporting Standards (K-IFRS).
The provided figures are median values, with actual sales estimated to be between 74 trillion to 76 trillion Korean won, and operating profit projected in the range of 6.4 trillion to 6.6 trillion Korean won. These numbers are preliminary and subject to completion of an external audit.
Samsung's Device Solutions (DS) Division experienced a downturn in both sales and profits, attributed to challenging market conditions, especially in the IT sector. Despite a record high in fourth-quarter revenue for the Memory business, due to robust sales of high-density products, operating profit suffered a decline. Increased research and development (R&D) costs for future technology and expenses associated with expanding production capacity for advanced technologies were cited as contributing factors.
Meanwhile, the Foundry and System LSI businesses saw reduced results amid decreased demand from key applications such as mobile, compounded by lower utilization rates and heightened R&D expenditures.
The Digital Experience (DX) Division also reported weaker performance, facing diminishing effects from new mobile products and increased competition in the industry.
These forward-looking statements are based on current management expectations and are subject to various risks and uncertainties that could cause actual results to differ materially. Factors include economic conditions, market performance, currency exchange rates, competition levels, regulatory changes, and other risks detailed in Samsung's filings with the Korea Exchange and Financial Supervisory Service, as well as on the company's website.
The full details of the fourth-quarter results will be discussed in the upcoming earnings call. This guidance serves to provide clarity to investors regarding the anticipated financial performance of Samsung Electronics (KS:005930) before the official earnings release.
This news article is based on a press release statement from Samsung Electronics Co., Ltd.
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