Chips off the block

Lumio Spotlight: Samsung posts first drop in quarterly profits in 2 years

The jewel of South Korean tech, Samsung Electronics, posted a 29% drop in quarterly profit as demand for smartphones and memory chips dried up.

Samsung pointed to lacklustre demand and rising competition from both Apple and Chinese rivals, in particular, Huawei. It has been a similar story for its longtime foe, Apple, who last week announced a 5% slide in Christmas sales and saw shares slide 10% in the process. The company sounded out sales problems in Greater China for the firm’s troubles, which account for 20% of its revenue, and the same could be said for Samsung.

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