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Investing.com -- Samsung Electronics (KS:005930), the world’s largest memory chip manufacturer, is anticipated to report a 21% decline in profit for the first quarter on Tuesday.
The decrease is attributed to slow sales of artificial intelligence chips and ongoing losses in the company’s contract chip manufacturing business.
The tech giant, currently undergoing a management reshuffle following the unexpected passing of co-CEO Han Jong-Hee in late March, is scheduled to announce preliminary first-quarter earnings on Tuesday.
According to LSEG SmartEstimate, Samsung is expected to report an operating profit of 5.2 trillion won ($3.62 billion) for the January-March quarter. This marks a decrease from the 6.6 trillion won profit reported in the same period last year.
However, Samsung’s mobile and network business is forecasted to report a profit of 3.7 trillion won, an increase from the 3.5 trillion won reported a year ago.
This rise is attributed to an increase in smartphone shipments and a significant drop in the local currency, which boosts earnings repatriated back to the company.
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