Samsung echoes Apple’s revenue warning; tech sector shrugs
Jan 8, 2019 | Breaking News, Stocks |
Overnight Samsung Electronics announced that for the quarter that ended in December quarterly profit and revenue missed estimates on sputtering demand for memory chips. Operating income fell to 10.8 trillion ($9.6 billion) won for the South Korean giant. That was well short of the 13.8 trillion won expected by analysts surveyed by Bloomberg. Fourth-quarter revenue fell 11% to 59 trillion won against the 63.6 trillion won projection by analysts. Samsung's warning echoed the cut to revenue projections by Apple (AAPL) last week, but although the two warnings re-enforce each other, the earlier warning from Apple seems to have put the market in a "So what's new?" stance vis-a-vis Samsung's warning. The stock fell only 1.7% in Seoul.
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