Samsung has officially announced its financial statement for the fourth quarter of 2018 as well for the entire 20i8 fiscal year. The result shows the company had to endure a slow growth rate in the fourth quarter of the year ending on December 31, 2018. That is because the sales and operating profit of the company declined but thankfully, the company’s result for the entire year was a record-setting one.
According to official data released by the Sout Korean company, the sales of mobile devices was weak all year long. Despite this setback, the IT & Mobile Communications division reported gains on the back of 5G equipment installations and expansion of LTE networks. Thus, the company’s earnings are likely to improve after the introduction of commercial 5G services in South Korea and the planned launch of the Galaxy S10 on February 20 at the Unpacked event in San Francisco, United States
The firm’s memory chip sales were also not so impressive compared to revenue generated from that arm of the company in the last two years. The fourth quarter (Q4 2018) was the first quarter since the beginning of 2017 that didn’t see a yearly increase. The company said major customers held back on orders, anticipating a further reduction in price.
On the whole, the company posted KRW 59.27 trillion in consolidated quarterly revenue, down 10 percent from a year earlier, and KRW 10.8 trillion in quarterly operating profit, down 29 percent. For the 2018 fiscal year, Samsung reported KRW 243.77 trillion in revenue and KRW 58.89 trillion in operating profit. The tech giant says it will “aim to secure future growth by increasing sales of premium products and strengthening online and B2B businesses” this year.