Samsung Electronics reported a slide in income and revenues for its Q1 earnings. Net profit of $1.71 million (1.60 trillion Korean won) on revenue of $15.43 billion (14.39 trillion won) represents a three percent slide in profit and an eight percent slide in sales from its significantly stronger Q4 2006.

Year-over-year, Samsung's Q1 net profit was a 14.8 percent drop from the $2.01 million (1.88 billion won) in net profits it posted in Q1 2006. However, the company's Q1 revenues were not as negative in year-over-year terms; sales were a three percent boost from Q1 2006's sales of $14.96 billion ( 13.96 trillion won).

Operating profit of Samsung's semiconductor business was $579 million (540 billion won), down a whopping 68 percent from Q4 and down 52 percent year-over-year. The semi business posted Q1 revenue of $4.8 billion ( 4.48 trillion won), down 16 percent from Q4 but up three percent from Q1 2006.

The company chalked up the quarter's performance to overall weaknesses in the industry. "There were many difficulties in the first quarter due to a sluggish demand for key products and a decline in their prices due to an oversupply in a seasonally weak period of the IT Industry," Samsung Electronics' investor-relations team said in a statement.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved