January 14, 2005
Samsung Profit Slumps
'amsung Electronics Co. Ltd. reported a 42 percent drop in quarterly operating profit on a slide in mobile phone margins and falling flat-screen prices, but its shares rose 6 percent as it predicted a turnaround.
A price war raging in the mobile phone market after industry leader Nokia cut prices spurred Samsung, Asia's most valuable electronics firm, to forego profits by following suit and spending more to lure customers.
Samsung said it expected margins to bounce back in the first quarter as it sells new models at higher prices. It said it aimed to sell 100 million mobile phones in 2005, up 16 percent from 86 million last year.'
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Posted by Darren at January 14, 2005 11:49 PM
