Samsung Mobile profits down 29.1% YoY in Q2 2018 due to low Galaxy S9 sales, says Galaxy Note9 will be priced reasonably

Samsung has reported its earnings for Q2 2018, in which the company has made operating profit of 14.87 trillion won ($13.3 billion), up just 5.68% YoY for the April-June 2018 period. After fourth straight record profit, this is a bit disappointing, due to softer sales of smartphones and display panels, despite robust demand for memory chips.  It reported revenue of 58.48 trillion won, down 4.1% from 61 trillion won last year and net profit of 11.04 trillion won, almost same from a year earlier. IM sector that includes Mobile Communications and Networks Businesses posted 24.00 trillion won consolidated revenue and 2.67 trillion won operating profit for the quarter, down 29.1% compared to 3.77 trillion won in the same quarter last year. The company said that it will launch the new Note model with superior performance at a reasonable price in this quarter. Regarding the shipments and the expectations in mobile sector, Samsung said: Amid the sluggish premium smartphone market and intensifying competition, Samsung’s smartphone shipments and revenue declined QoQ due to the slow sales of Galaxy S9 and S9+ as well as the phasing out of older low-end models. The Company posted a drop in quarterly operating profit due to higher marketing expenses. Meanwhile, the Networks Business saw ...