Samsung Electronics posts $9.9-B Q2 net profit, down 0.1%

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Samsung Electronics on Tuesday reported a 0.1 percent dip in its second quarter net profit from a year earlier, blaming slower sales of smartphones and display panels for the drop.

The South Korean tech giant said that its April-June net income stood at 10.98 trillion won ($9.8 billion), up 2 per cent from 10.80 trillion won a year earlier.

On the other hand, the company's operating profit is reported to be KRW 14.87 trillion.

Samsung will hope the new technologies will fix its struggling mobile business, whose operating profit plunged 34 per cent from a year ago, the company revealed in its first-half filing on Tuesday.

However, Samsung senior vice president of memory marketing Sewon Chun added, mobile is also driving one of the company's bright spots: a demand for high-density memory components.

Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) reported a profit for the second-quarter that increased about 1.68 percent from a year ago.

Samsung said its flexible OLED technology - which it has been developing for nearly five years - would help the technology firm to rebound in the second half of the year.

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This bucket - which accounts for app purchases, Apple Care and more - surged more than 30 percent year-over-year to $9.55 billion. Chief executive Tim Cook has set the services business a target of delivering $14bn (£10.6bn) in revenue every quarter by 2020.

"Samsung was already lost to China in price competition and is getting threatened by Chinese models in designs and hardware strength", said Park Jung-hoon, a fund manager at HDC Asset Management that owns Samsung shares.

The company's semiconductor unit is still its biggest cash cow, but profit growth has stabilized in 2018.

The IT & Mobile Communications (IM) division, which makes smartphones, posted an operating profit of 2.67 trillion won (2.39 billion USA dollars) on revenue of 24 trillion won (21.5 billion US dollars).

Samsung is also hoping to turnaround its mobile communications business with new models coming later this year, starting with the Galaxy Note9 phablet, set to be unveiled on August 9.

Samsung, the world's biggest maker of memory chips, has weathered a series of setbacks, including an embarrassing global recall of its Galaxy Note 7 due to exploding batteries in 2016.

Samsung faces an uphill battle against Apple in tablet sales, however. In addition a sooner-than-expected launch date for its next generation Galaxy Note model, Samsung will work towards more competitive pricing and quicker adoption of future technology overall, throughout all of its lines of product.

"The outlook for the memory chip business remains strong across all applications thanks to demand for server and PC memory, as well as new mobile product launches", Samsung said in a statement. "Its third-quarter operating profit is expected to hit 16.8 trillion won", said Lee Seung-woo at Eugene Investment & Securities.

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