Hong Kong (CNN Business) Samsung ‘s operating revenue plunged 56% in the 3rd quarter compared to in 2015 as the business continues to have a hard time with slow need for memory chips. The business stated chip sales must select up in 2020, drawing a line under the extended market recession.
That’s below 17.57 trillion Korean won ($15.1 billion) for the very same duration a year back. Sales fell 5% to 62 trillion won ($53 billion) from the very same duration in 2015 however enhanced 10% from the previous quarter.
“Third quarter revenue fell dramatically from a year previously however enhanced from the previous quarter, as more powerful smart device sales and enhanced usage in mobile OLED screens were weighed down by continued weak point in the memory chip market,” the business stated in a declaration.
The business stated mobile phone sales “enhanced substantially” this quarter due to strong sales and “robust deliveries” of Samsung’s newest flagship phone, the Galaxy Note 10, together with its Galaxy A series.