January 31, 2019 / 12:03 AM / 7 months ago

Samsung Elec gives grim earnings outlook as Q4 profit falls 29 pct

SEOUL, Jan 31 (Reuters) - Samsung Electronics Co Ltd warned of weaker earnings in 2019 as it posted a 29 percent drop in fourth-quarter operating profit on Thursday, hit by a slowdown in demand for memory chips.

Operating profit was 10.8 trillion won ($9.7 billion) in the fourth quarter, in line with the 10.8 trillion won the company had estimated earlier this month. Revenue fell 10 percent to 59.3 trillion won, also in line with its earlier estimate.

Weaker earnings at the world’s biggest maker of smartphones and semiconductors come as China’s slowing economy squeezes sales by technology companies. ($1 = 1,109.1000 won) (Reporting by Ju-min Park and Heekyong Yang; Editing by Stephen Coates)

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