Samsung slashes guidance; profit tumbles nearly 29%

“Samsung Electronics posted one of its worst performances in the fourth quarter,” Kim Jaewon reports for Nikkei Asian Review.
“The South Korean tech giant announced on Tuesday that its operating profit tumbled 28.7% on the year to 10.8 trillion won ($9.66 billion) for the October-December period, in preliminary earnings guidance,” Kim reports. “Revenue dropped 10.6% to 59 trillion won during the same period. The final data will be unveiled later this month.”
“Analysts attributed the weaker results to low global demand for server DRAMs as well as slowdowns in emerging markets,” Kim reports. “Industry watchers say the worst may be still to come. Nomura said DRAM and NAND prices will decline 31% and 44% respectively this year, lowering Samsung’s operating profit in the memory sector by 45% to 24.2 trillion won.”
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MacDailyNews Take: Gee, that’s too bad.