Samsung posts a soft second quarter on weak flagship phone sales

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Samsung posts a soft second quarter on weak flagship phone sales

Samsung attributed the poor Galaxy phone sales to a few factors, including rising competition in the mobile phone market as well as its phasing out of lower end models of the phone.

Weak sales of its flagship smartphone, the Galaxy S9, drove down earnings but robust demand for premium TVs - thanks to soaring interest in the World Cup - and memory chips helped boost operating profit almost six%.

The earnings are sharply down from the 11.69 trillion won net profit registered last quarter, when the company reported a 52 percent jump on year.

"Consumers are losing the belief that the next version of a smartphone is actually smarter", said Paul Swiercz, a management professor at George Washington University.

Samsung's Galaxy A series has typically been the company's way to bring premium design to its mid-range to high-end smartphones, but a future iteration of the phones could include some truly interesting hardware as well.

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The Apple components supplier and smartphone rival said operating profit from the mobile business sank 34 percent from a year ago, its fastest rate of decline since the first quarter of 2017, as cheaper Chinese-made handsets put pressure on margins. High demand from datacentres secured the profit, the company said.

The leaked SM-A750FN is listed as having a 1.6GHz octa-core Exynos 7885 chipset, which is most popular for making it into the Galaxy A8 (2018) earlier this year.

Overall, the company reported $13.3 billion in profit, up 6 percent from the same time previous year, on $52.1 billion in revenue.

Samsung's semiconductor business posted its highest-ever operating profit of 11.61 trillion won and revenue of 21.99 trillion won. Prices for 128 gigabit MLC NAND flash memory chips fell about 9 percent, according to inSpectrum Tech Inc. Samsung's digital appliances unit apparently isn't benefiting from record temperatures across the globe, as it described demand for its air-conditioning products as "weak". "Its third-quarter operating profit is expected to hit 16.8 trillion won", said Lee Seung-woo at Eugene Investment & Securities.

Samsung shares were down 0.5 per cent in early trading, compared with 0.2 per cent drop in the broader market.

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