Shortly after Apple CEO Tim Cook warned employees and investors that the company's next quarterly financial results won't be rosy, Samsung followed suit with a similar warning of its own.
The company's operating income in the fourth quarter of 2018 was 10.8 trillion won ($9.6 billion), a far cry from the 13.8 trillion won ($12.3 billion) analysts Bloomberg has polled had estimated. Revenue was 59 trillion won ($52.3 billion), significantly below analysts' estimates of 63.6 trillion won ($56.6 billion).
One reason for these results is lower demand for memory chips, due to worsening relations between U.S. and China as well as poor sales of Apple's iPhone, which uses Samsung chips. According to CNBC, Samsung's smartphone division also struggled to achieve profitability. Read more...More about Samsung, Smartphone Sales, Tech, and Big Tech Companies